What is Ethereum Name Service, and does it present an opportunity?

2022-10-7 00:28

Ethereum Name Service is an open-source naming system on the Ethereum blockchain.

Its native token has gained 8% in the past day and 13% in the past week

Although ENS is on a solid uptrend, it lacks the strength to sustain the momentum

Ethereum Name Service ENS/USD is a decentralised naming platform for wallets and websites. It is a permissionless network that maps human-readable names to machine-perceivable identities.

Such identifiers include crypto addresses, metadata, and content hashes. Simply put, ENS domains are customised digital wallets with identifiable names. To own one of them, a user must pay a certain amount of fee.

ENS is a token used in facilitating the Ethereum Name Service DAO. The ERC-20 utility crypto is up 8% in the past day, with a cumulative weekly gain of 13%. The bullishness perfectly aligns with the recent strong fundamentals of the network.

Data from ENS domains shows that new registrations shot 57% to 437,000 last month. A large part of the domains came from OpenSea. The NFT platform accounted for up to 97% of the registrations, earning $5.5 million in revenue. Still, Paradigm.eth remains the most expensive domain ever sold at $2 million.

Technically, ENS is looking solid with a clear uptrend. But how far can it go?

ENS rebounds from an ascending trendline

Source: TradingView

According to the daily chart above, ENS has bounced off the ascending trendline severally. The token is currently attempting to overcome $17 resistance. At press time, it was trading for $17.47, almost half a cent above the level.

Of importance to note, the MACD momentum indicator is looking bullish with green histograms. However, the RSI is approaching the overbought zone, currently at 65. It means a consolidation or a full correction could occur before a clearance above the resistance zone.

Bottom line

ENS fundamentally occupies an important spot in the crypto space. A surge in domain name registrations could increase its value in the long term. However, despite the bullish view, ENS lacks the strength to claim higher levels, at least in the near term.

An opportunity to enter can only be called above the resistance zone. Otherwise, there are chances the token could retest the ascending trendline.

The post What is Ethereum Name Service, and does it present an opportunity? appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3283.77 (+0.60%)
Объем 24H $24.731b
Изменеия 24h: -1.14 %, 7d: -16.08 %
Cегодня L: $3238.6 - H: $3302.71
Капитализация $395.548b Rank 2
Цена в час новости $ 1354.12 (142.5%)

ethereum service opportunity present does coinjournal open-source

Источник: coinjournal.net

ethereum service → Результатов: 126


Фото:

Audius Launches Hedgehog, a Client-side Ethereum Wallet for Interacting with dApps

In a press release shared with BTCManager on May 30, 2019, Audius, a decentralized and open source music sharing service currently in its beta, revealed that it will be launching Hedgehog. The product is a client-side Ethereum wallet that can be used to interact with dApps without confirming transactions, using extensions, or centralizing private keys.

2019-5-30 16:30


Фото:

Виталик Бутерин: Microsoft взялся за создание открытого блокчейна

Сооснователь Ethereum Виталик Бутерин заявил, что компания Microsoft демонстрирует интерес к созданию открытого блокчейна. Об этом свидетельствует анонс проекта Azure Blockchain Service, представляющего собой инструмент для работы девелоперов с распределенным реестром в формате platform as a service.

2019-5-16 17:50


Фото:

Vitalik Buterin: “Microsoft has embraced the open community of blockchain developers” on Ethereum

On May 7th, Microsoft announced the Azure Blockchain Service, a tool that helps developers and companies create, deploy, and manage blockchain networks. This service, which is currently in public preview, is a continuation of Microsoft’s goal to provide platform-as-a-service tools for blockchain technology.

2019-5-14 13:56


Bits of Gold Crypto Asset Exchange Makes European Market Entrance with BTC & ETH Trading Options

Bits of Gold, a cryptocurrency trading platform based in Israel has announced that it plans on entering the European market. The platform will provide a service that enables other international apps to buy and sell Ethereum (ETH) and Bitcoin (BTC), while they rely on the Bits of Gold platform for compliance management, liquidity, and banking […]

2019-5-6 18:59


KPMG States: Out of 1,500+ Cryptos; Bitcoin, Ripple, Ethereum, & IOTA are the “Most Important”

There are four most important cryptocurrencies viz Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), and IOTA (MIOTA) as per KPMG’s insight blog titled, “Cryptocurrencies: Do they matter to corporate treasuries?” One of the Big Four auditors KPMG is a network of professional service firms that provides tax, advisory, and financial audit services. With large companies like […]

2019-5-5 18:16


Microsoft добавила поддержку блокчейна Quorum в облачный сервис Azure

Корпорация Microsoft представила ряд новых сервисов и технологий облачной платформы Azure для разработчиков. Об этом компания сообщила в официальном релизе. Так, разработчики Microsoft анонсировали запуск сервиса Azure Blockchain Service, который упрощает создание и управление блокчейн-решениями с различными участниками, объединенными в единую сеть.

2019-5-3 13:20


TokenAnalyst: Cryptocurrency Coin Tracking Service for Traders?

What Is TokenAnalyst? TokenAnalyst is a simple tool that enables users to explore on-chain data for a wide variety of crypto assets. The tool is designed to acquire data from blocks located on the Ethereum blockchain and then convert the data into meaningful metrics that users can use to enhance their research and cryptocurrency investment […]

2019-4-21 11:53


eToro launches 8 different stablecoins on its fully regulated cryptocurrency exchange eTorox

eToro, a multi-asset trading and investment platform, announced support for eight stablecoins that were going to be a part of its fully regulated cryptocurrency exchange, eTorox, on April 16. According to the official announcement, the exchange would provide trading service for the top coins in the cryptocurrency market.

2019-4-16 19:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Drops Below $100,000: The End Or Beginning Of The Crypto Bull Market?

Bitcoin, the titan of the cryptocurrency world with a market cap hovering around $1. 9 trillion, has experienced a significant downturn, dipping below the psychological threshold of $100,000. This flash dump, occurring over just three days, has left many investors and analysts questioning whether this marks the end of the current bull market or signals a healthy correction within an ongoing bullish trend.

ASIC Targets Binance Australia Over Landmark Case In Crypto Regulation

The Australian Securities and Investments Commission’s (ASIC) most recent action against Binance Australia marks a significant advancement in cryptocurrency regulation. The cryptocurrency community is in disbelief over this case, which will likely have a lasting impact on how digital currencies are governed in Australia and other nations.

UAE’s Bitcoin Holdings Soar To $40 Billion As Bull Season Continues

The United Arab Emirates (UAE) recently witnessed its Bitcoin holdings reach an impressive $40 billion, marking a significant milestone in the country’s cryptocurrency journey. This investment surge aligns with a global bull market that has reignited interest in digital assets.

UAE’s Bitcoin Holdings Soar to $40 Billion As Bull Season Continues

The United Arab Emirates (UAE) recently witnessed its Bitcoin holdings reach an impressive $40 billion, marking a significant milestone in the country’s cryptocurrency journey. This investment surge aligns with a global bull market that has reignited interest in digital assets.

ASIC Targets Binance Australia Over Groundbreaking Case in Crypto Regulation

The Australian Securities and Investments Commission’s (ASIC) most recent action against Binance Australia marks a significant advancement in cryptocurrency regulation. The cryptocurrency community is in disbelief over this case, which will likely have a lasting impact on how digital currencies are governed in Australia and other nations.