ENS Technical Analysis: Will This Naming Token Surge 70% This Year?

The ENS price action pictures a double bottom reversal from the $11.5 support level coinciding with the 23.60% Fibonacci level. Furthermore, the price action displays a symmetrical triangle breakout increasing the possibility of an uptrend above the 200-day EMA. So, should you consider buying ENS at the current market price?

Key Points:

Source - TradingView

ENS Technical Analysis

The ENS price action displays a bullish turnaround from the $11.5 mark, coinciding with the 23.60% Fibonacci level leading to a symmetrical triangle breakout. Moreover, the price action displays a double bottom reversal from this support level with the neckline at the 50% Fibonacci level at $17.

The uptrend accounts for a 25% jump in the last two weeks to the resistance confluence of the 200-day EMA and the 50% Fibonacci level. Currently, the daily candle shows a 2% decline to retest the triangle breakout, offering a post-retest reversal opportunity.

Additionally, the spike in trading volume supports the recovery rally reflecting an improvement in the underlying sentiments.

Upon successful trendline breakout, the ENS price action will show an uptrend to the $22 mark if it exceeds the 200-day EMA. Conversely, if the sellers dump the price under the 50-day EMA, the ENS market price will tumble to the bottom support at $11.5.

Technical Indicators

The RSI slope spikes display a boom in buying pressure as it crosses the 14-day SMA and the halfway line. Moreover, the MACD indicator shows the bullish spread increasing between the fast and slow lines after the recent crossover.

Therefore, the technical indicators imply a growth of bullish influence over the underlying sentiments. As a result, the ENS technical analysis takes an optimistic standpoint and forecasts a bullish breakout.

Resistance Levels - $17 and $20

Support Levels - $15 and $11.5