Is it too late to buy ENS? Ethereum Name Service Price Soars 42% on ETH ETF Optimism, This Cryptocurrency Could Be Next to Explode

adminMay 22, 2024

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The price of Ethereum Name Service has surged 42% in the past 24 hours, trading at $20.88 as of 8:04 a.m. ET, following a 1,500% surge in trading volume.

The pumping came this month when it was revealed that the ETH exchange-traded fund (ETF) had a better chance of getting approval than previously thought. The news, which points to a brighter future for decentralized finance (DeFi), has sparked a rally among tokens built on the Ethereum blockchain.

❗Deposits: Ether (ETH) surges 17%, Polymarket approval odds soar as ETF advances regulation❗
The U.S. SEC has asked exchanges to update their 19b-4 filings for ether ETFs ahead of a key deadline, signaling progress toward potential approval, although approval is not guaranteed.
— Better CallBot (@CallBotCrypto) May 21, 2024

Ethereum Name Service (ENS) is a decentralized, open, and scalable naming system based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses into machine-readable alphanumeric codes for wallets like Metamask.

The goal of the Ethereum Name Service is to make the Ethereum-based web more accessible and understandable for humans.

Ethereum Name Service Price Prediction

The Ethereum Name Service recorded two new candles during the day. This represents a surge of unprecedented magnitude and signals a bullish trend in the market. In particular, the surge pushed ENS price into the Fibonacci golden zone. This zone stretches from $20.34 to $25.87 and is marked by the 38.2% Fibonacci retracement level to the 61.8% Fibonacci retracement level.

The relative strength index (RSI) is on the rise, suggesting that bullish momentum is growing. This position is strengthened by the position of the Moving Average Convergence Divergence (MACD) above the orange band of the signal line. The volume profile also shows node spikes, suggesting a bullish mood.

Based on the Fibonacci retracement indicator, the Ethereum Name Service price could extend gains up to the 50% Fibonacci placeholder $23.10. In a very bullish case, an advance could push ENA price to turn the 61.8% Fibonacci retracement level into support. A steady move and close above this critical level will determine the pace of the sustained rally.

The Parabolic Stop and Reverse (SAR) indicator is also tracking the Ethereum Name Service price below. As long as this price tracking indicator continues to follow the asset price below, ENS price will remain bullish.

Ethereum Name Service

GeckoTerminal: ENS/USD 1-day chart

converse case

On the other hand, Ethereum Name Service could fall below $20.34 if traders resort to early profit booking. If the leg extends downward, ENS price may fall below the 23.6% Fibonacci retracement level of $16.91.

A serious case where the Ethereum Name Service price hits a low below the April 13 low of $11.38 would invalidate the bullish argument.

Meanwhile, while there is a lot of optimism among investors about the prospects of ENS, there is equal optimism about the prospects of new ICO Mega Dice (DICE), a Solana GameFi coin that has already raised more than $1.24 million in pre-sales.

🚀🚀🚀 https://t.co/cD20wdY4Vj
— Mega Dice Casino (@megadice) May 21, 2024

With over 700,000 subscribers, DICE could grow 100x after launch, according to Crypto analyst and YouTuber 99Bitcoins.

A promising alternative to the Ethereum name service

Mega Dice utilizes cryptocurrency and cutting-edge technology as a means to provide a smoother and safer online casino experience. The platform integrates cryptocurrencies for faster transactions and lower fees, eliminating the need for bulk downloads.

The platform already has over 50,000 players and handles over $50 million worth of bets every month. It offers over 4,000 games and a variety of sports and esports betting options.

This project is the first GameFi project on the Solana blockchain and aims to challenge casino sector giant Rollbit Coin.

#1 GameFi tokens have arrived #brush 🚀
join $DICE Pre-sale and be part of the next Gem Game Tokens – $600,000 already raised! 🚀
Pre-sale link: https://t.co/E5WFsXQhfQ 🏆
Why should you consider signing up? $DICE Ticketing? 👇 pic.twitter.com/nTtNHgrqDC
— Mega Dice Casino (@megadice) April 30, 2024

Token holders can also earn through the platform’s staking option, with the team allocating 10% of the total 420 million token supply as rewards.

Community members can also participate in the DICE Season 2 Airdrop for a chance to win a share of a $750,000 allocation. To be eligible, airdrop participants must wager $5,000 or more between May 15 and June 28, 2024.

that much $DICE Season 2 Airdrop is Now Live – Win $750,000 Airdrop! 🚨💰
Do you want action? Bet $5000 or more between May 15 and June 28, 2024 to receive a $750,000 airdrop! 😍 With airdrops of up to $37,500 per player… pic.twitter.com/4m5I4E7aLT
— Mega Dice Casino (@megadice) May 20, 2024

To participate in the pre-sale, you can purchase $DICE using BNB, ETH or SOL for $0.075 per token on the official website here. You’ll also earn 10% when an investor you refer makes a purchase.