$ENS /USDT – Bulls Maintain Control as Fresh Breakout Zone Emerges...
Ethereum Name Service (ENS) has demonstrated robust bullish momentum, with its price reaching approximately $27.32 after a steady ascent from the $21 range. This upward movement is characterized by strong green candles and higher lows, indicating sustained buyer dominance. The increasing trading volume and the price holding firmly above previous resistance levels further reinforce the bullish sentiment.
Why This Trade Remains Profitable:
Sustained Bullish Momentum: ENS has broken above key resistance levels, including the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a strong uptrend.
Volume Surge: A significant increase in trading volume, with a 170% growth in daily trading volume, underscores genuine market interest and supports the current rally.
Technical Indicators: The Relative Strength Index (RSI) is approaching overbought territory, suggesting strong momentum, while the Moving Average Convergence Divergence (MACD) indicator confirms the bullish trend.
Trade Setup (Next Long Entry):
Entry Zone: $26.89 – $27.29 (on minor pullback or consolidation)
Target 1: $28.79
Target 2: $30.00
Stop Loss: Below $26.09
Risk Management:
Wait for Price Stability: Before entering, ensure the price stabilizes near $27 to avoid entering during a potential pullback.
Set Tight Stop Loss: To protect against sudden market reversals, place a stop loss just below the $26.09 support level.
Partial Profit-Taking: Consider taking partial profits at the first target to secure gains while allowing the remaining position to reach the second target.
Conclusion:
ENS is exhibiting a strong bullish trend, supported by technical indicators and increased trading volume. Traders employing trend-following strategies may find this setup favorable, provided they implement prudent risk management practices. Monitoring for continuation candles and breakout confirmations will be crucial in validating the ongoing bullish trajectory.
