Monat: Oktober 2022

• Ethereum Name Service is an open-source naming system on the Ethereum blockchain.

• Its native token has gained 8% in the past day and 13% in the past week

• Although ENS is on a solid uptrend, it lacks the strength to sustain the momentum

Ethereum Name Service ENS/USD is a decentralised naming platform for wallets and websites. It is a permissionless network that maps human-readable names to machine-perceivable identities.

Such identifiers include crypto addresses, metadata, and content hashes. Simply put, ENS domains are customised digital wallets with identifiable names. To own one of them, a user must pay a certain amount of fee.

ENS is a token used in facilitating the Ethereum Name Service DAO. The ERC-20 utility crypto is up 8% in the past day, with a cumulative weekly gain of 13%. The bullishness perfectly aligns with the recent strong fundamentals of the network.

Data from ENS domains shows that new registrations shot 57% to 437,000 last month. A large part of the domains came from OpenSea. The NFT platform accounted for up to 97% of the registrations, earning $5.5 million in revenue. Still, Paradigm.eth remains the most expensive domain ever sold at $2 million.

Technically, ENS is looking solid with a clear uptrend. But how far can it go?

ENS rebounds from an ascending trendline

Source: TradingView

According to the daily chart above, ENS has bounced off the ascending trendline severally. The token is currently attempting to overcome $17 resistance. At press time, it was trading for $17.47, almost half a cent above the level.

Of importance to note, the MACD momentum indicator is looking bullish with green histograms. However, the RSI is approaching the overbought zone, currently at 65. It means a consolidation or a full correction could occur before a clearance above the resistance zone.

Bottom line

ENS fundamentally occupies an important spot in the crypto space. A surge in domain name registrations could increase its value in the long term. However, despite the bullish view, ENS lacks the strength to claim higher levels, at least in the near term.

An opportunity to enter can only be called above the resistance zone. Otherwise, there are chances the token could retest the ascending trendline.

The post What is Ethereum Name Service, and does it present an opportunity? appeared first on CoinJournal.

• SushiSwap rose by 13% on Thursday 

• GoldenTree revealed a $5.3 million holding 

• SUSHI has hit the descending trendline, and the focus will be on the price action

Sushiswap SUSHI/USD rose more than 13% on Thursday, capping a substantial 18% gain in the past week. The gains on Wednesday reflected surging trading volumes up more than 130% as of press time. Positive news was behind the surge.

On October 5, global asset manager Golden Tree revealed a stake of $5.3 million in SushiSwap. The asset management firm controls about $50 million in assets. That indicated a potential big money flow in SUSHI and a validation of the DEX. In its press release, Golden Tree indicated it had been “following SushiSwap for a while.”

Potentially, the news of investment by GoldenTree hints at what is likely to come. The asset manager recently unveiled a digital asset-focused division. The company hinted at more involvement “in all things Sushi.” GoldenTree also plans to help the DEX improve its tokenomics. 

The GoldenTree news reawakens SUSHI from its slumber. The token trades at merely $1.2, having topped $23 in 2021 at the height of the crypto boom. 

SUSHI meets the descending trendline after the price pump

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Source – TradingView

Technically, SUSHI’s bullish momentum is confirmed by a MACD crossover. The token had already been gathering momentum above $1. With the level being tested severally this year, it suggests $1 is the potential bottom for SUSHI. 

The latest jump has pushed SUSHI to the descending trendline. A break above could attract more buyers, although it remains to be seen how bulls overcome the macro woes. Alternatively, SUSHI could correct at the descending trendline.

Concluding thoughts

SUSHI remains susceptible to correction after hitting a descending trendline. A breakout is also possible, although a weak crypto sentiment could curtail further upside. For now, let price action play out but remember, SUSHI could have found a bottom at $1.

The post Is SushiSwap a good buy after a 13% jump on GoldenTree investment? appeared first on CoinJournal.