What Does ENS Chart On Weekly & Daily Signify?

23 Jul

According to Tradingview, its (ENS/USD-Coinbase) price as of writing was 290% higher than its all-time low price. The low was at $6.67, registered on June 5th, 2023.
Correspondingly, the all-time high was recorded on November 22nd, 2021, when the price peaked at $84.02. Comparatively, from the ATH level, the price as of press time was nearly 67% down.
Over the weekly, the price of ENS has moved out of the range of $7-$20 after a hard struggle. From the beginning of this year, 2024, the momentum from buyers started to change the structure. The buyers led to form an upward channel, where it followed the borders.
Over the daily chart, the price has surged from resistance-turned-support of $20 from June 13th, 2024, onwards. As of writing a symmetrical triangle has been witnessed. Based on the recent news surrounding ETH ETFs the spots to trade soon. Thus, the ENS could shoot a breakout from the bullish pattern and reach the upper border of the wider timeframe-based wedge's border.

The 200-day and 50-day EMA bands support the current price movement. However, the other indicators depict the narrow sideways momentum of the ENS daily chart due to symmetrical pattern formation. MACD are side by side, where the histogram was negative 0.06, and RSI was near the median line at 53.75. So, the indicators offer mixed signals, and investors should be cautious (DYOR).

Therefore, resistance levels are present at $30, and $32. However, the supports are present at $24, and $21, respectively.