Is It Too Late To Buy ENS? Ethereum Name Service Price Soars 42% On ETH ETF Optimism And This Cryptocurrency Might Be Next To Explode

On May 21, 2024

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The Ethereum Name Service price has soared by 42% in the past 24 hours to trade for $20.88 as of 08:04 a.m. EST on trading volume that skyrocketed 1,500%.

The pump comes on the back of developments that suggest ETH ETFs (exchange-traded funds) are more likely to gain approval this month than was previously thought. The news, which points to a brighter future for decentralized finance (DeFi), has caused a rally among tokens built atop the Ethereum blockchain.

❗JUST IN: Ether (ETH) Surges 17%, Polymarket Approval Chances Rocket, as ETF Makes Regulatory Progress❗
The U.S. SEC has asked exchanges to update 19b-4 filings for ether ETFs ahead of a key deadline, suggesting potential approval progress, though approval is not guaranteed.
— Better CallBot (@CallBotCrypto) May 21, 2024

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

The goal of Ethereum Name Service is to make the Ethereum-based web easier to access and comprehend for humans.

Ethereum Name Service Price Prediction

The Ethereum Name Service has recorded two god candles on the one-day timeframe. It represents a surge of unprecedented magnitude, signaling a bullish trend in the market. Notably, the surge has seen the ENS price foray into the Fibonacci Golden Zone. This zone stretches from $20.34 to $25.87, marked by the 38.2% Fibonacci retracement level to the 61.8% Fibonacci retracement level.

The Relative Strength Index (RSI) is climbing, pointing to growing bullish momentum. This stance is reinforced by the position of the Moving Average Convergence Divergence (MACD) above the orange band of its signal line. Furthermore, the volume profile shows spikes in nodes, suggesting bullish sentiment.

Based on the Fibonacci retracement indicator, the Ethereum Name Service price could extend the gains to the 50% Fibonacci placeholder of $23.10. In a highly bullish case, the gains could see the ENA price flip the 61.8% Fibonacci retracement level into a support. A stable move and close above this critical level would set the pace for a continuation rally.

The Parabolic Stop and Reverse (SAR) indicator is also trailing the Ethereum Name Service price from below. For as long as this price-tracking indicator continues to follow the asset’s price from below, the ENS price is bound to be bullish.

GeckoTerminal: ENS/USD 1-day chart

Converse Case

On the other hand, if traders resort to early profit booking, the Ethereum Name Service could drop below $20.34. An extended leg down could send the ENS price below the 23.6% Fibonacci retracement level of $16.91.

In a dire case where the Ethereum Name Service price records a lower low below the April 13 bottom of $11.38, the bullish thesis would be invalidated.

Meanwhile, while there’s much optimism among investors about the outlook for ENS, there is equal bullishness over the prospects for new ICO Mega Dice (DICE), a Solana GameFi coin that’s already raised over $1.24 million in presale.

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

According to Crypto analyst and YouTuber 99Bitcoins, with more than 700k subscribers, DICE could 100X after launch.

Promising Alternative To Ethereum Name Service

Mega Dice utilizes cryptocurrency and advanced technology as a means of providing a smoother and more secure online casino experience. The platform integrates cryptocurrencies for faster transactions and lower fees, which then eliminates the need for bulky downloads.

The platform already has over 50,000 players and handles more than $50 million in monthly bets. It offers over 4,000 games and many sports and eSports betting options.

The project is the first GameFi project on the Solana blockchain, and aims to challenge the casino sector titan Rollbit Coin.

The #1 GameFi token has arrived on #SOL 🚀
Join the $DICE presale and be part of the next gem gaming token – $600K already raised! 🚀
Presale link: https://t.co/E5WFsXQhfQ 🏆
Why should you consider joining the $DICE presale? 👇 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 setting aside 10% of its total 420 million token supply as rewards.

Community members can also participate in the DICE Season 2 Airdrop, offering a chance to get a share of a $750,000 allocation. Airdrop participants must wager $5,000 or more between May 15 and 28 June, 2024, to qualify.

The $DICE Season 2 Airdrop is LIVE – Earn Your Share of a $750,000 AIRDROP! 🚨💰
Want a piece of the action? Just wager $5000 or more between May 15 and 28 June, 2024, and you could claim your share of the $750,000 airdrop! 😍 With a maximum airdrop of $37,500 per player, the… pic.twitter.com/4m5I4E7aLT
— Mega Dice Casino (@megadice) May 20, 2024

If you’d like to join the presale, you can buy $DICE on the official website here for $0.075 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.