ENS emerges as top gainer following GoDaddy partnership

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The native token of the Ethereum Identify Service platform, ENS, has emerged as the highest gainer among the many main 100 cryptocurrencies after teaming up with the favored area title registrar GoDaddy. 

ENS is up by 19.3% up to now 24 hours and is buying and selling at $21.6 on the time of writing. Following the value hike, the asset’s market cap surpassed the $660 million mark — making it the 93rd-largest crypto.

ENS emerges as top gainer following GoDaddy partnership - 1
ENS value, whale exercise, RSI, funding charges and open curiosity – Feb. 6 | Supply: Santiment

The day by day buying and selling quantity of ENS additionally rallied by 225%, reaching $200 million. Information exhibits that nearly 30% of the token’s buying and selling quantity comes from Binance.

Based on information offered by Santiment, the entire open curiosity (OI) in ENS elevated by $16.9 million over the previous 24 hours — at the moment sitting at $60.05 million. 

Nevertheless, the asset’s whole funding charges declined from 0.009% to 0.007%, per Santiment. This would possibly point out that some traders are betting in opposition to the ENS value surge. The precise quantities of brief and lengthy place holders are nonetheless unclear till additional value actions.

Information from the market intelligence platform exhibits that the variety of whale transactions consisting of no less than $100,000 price of ENS tokens surged from one transaction per day to 11 up to now 24 hours.

Usually, when an asset’s whale exercise out of the blue surges, excessive value volatility is often anticipated.

The ENS Relative Energy Index (RSI) additionally rose from 49 to 62 following the value surge, based on Santiment. This exhibits that ENS would possibly at the moment be over-heated and a value cooldown could be on the way in which.

For ENS to remain within the bullish zone, its RSI would wish to remain under the 50 mark.

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