Home Ethereum Ethereum name service [ENS] do a half turn ; will it give in to crypto winter

Ethereum name service [ENS] do a half turn ; will it give in to crypto winter

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Ethereum name service [ENS] do a half turn ;  will it give in to crypto winter

Over the past month, as investors tried to save the rest of their investment in crypto assets from further losses, acquiring a domain name topped their list of issues.

Google Trends data for the search term “ENS Domain Name” revealed a gradual decline in Internet user interest in this topic since early May. Declining interest in acquiring ENS domain names has impacted the performance of ENS tokens, which saw a price drop of 56% over the past month.

According Data from Whalestats, ENS tokens were among the top 10 tokens purchased by the top 500 ETH whales in the past 24 hours. But does that mean a recovery could be underway? Well, let’s take a look.

In the past month

Since early May, the price of ENS tokens has been falling. At $20.5 in early May, a 56% drop was recorded as the tokens traded hands at $9.28 per ENS token at press time.

Despite the announcement on May 23 that the domain name service registered significant growth in registrations, renewals, revenue (ETH and USD) and revenue (ETH and USD) in May, the price of tokens did not register any growth.

During the same period, the market capitalization fell by 54%.

Source: Santiment

In the last 24 hours

While the cryptocurrency market enjoyed some relief after last weekend’s bloodbath, ENS tokens also saw some growth. In the past 24 hours, the price of the token has increased by 6%. With the gradual accumulation underway, the Money Flow Index (MFI) and Relative Strength Index (RSI) were spotted in an uptrend at 44 and 45, respectively. Although below the 50 neutral point, these indicators should attempt to break through the neutral zone with the ongoing correction.

Source: Trading View

don’t burn yourself

Although the price of the token rose, on-chain data hinted at an imminent reversal. With volatility peaking at 18% in the past 24 hours, bearish sentiment has grown by 25%. Bullish sentiment, on the other hand, was down 9%.

Source: Lunar Crush

The exchange flow balance at press time also showed that more ENS tokens left exchanges than entered.

Source: Santiment

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