ENS Up By 11.32% – Time To Buy ENS?
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- Investors looking to buy ENS as the asset continues to record huge gains
- ENS Domain generates over $1 million sales in 24 hours
- Upgrade to ENS/L2 OffChain integration announced
The Ethereum Name Service (ENS) is a dynamic project seeking to facilitate web3 adoption. Users can buy an ENS name on the ENS app or a secondary market. ENS is quite similar to traditional website domain names. In this case, the user’s project comes in a machine-readable format. The website’s IP address can however be translated into human-readable format.
The ENS protocol is hosted on the Ethereum blockchain. As Web3 continues to gain dominance, there have been predictions that users would be signing into Ethereum and not Google. ENS is the first service network to shift the Domain Name Service to the decentralised Web3 ecosystem.
ENS Domain Generates Over $1 Million Sales In 24 Hours
Since April 26, there has been an exponential rise in the number of Domain names created on the ENS network. The increase in decisions to buy ENS occurred simultaneously with the rise in the demand for 3- and 4-digit ENS domain names. This increase probably resulted from the emphasis on the non-fungible token (NFT) community.
Alongside the new registrations, secondary sales for ENS names on OpenSea, last week, surged to a high 446 Ether (ETH) worth of volume. ENS disclosed on its Twitter handle that not less than 1 million names were created in 24 hours. This generated $1.3 million in sales while Ethereum Domain sales increased by over 2,300%.
Moreover, the sudden surge in registration will continue to spur more users to buy ENS. The digital asset continues to record a good performance in the crypto market. An ENS developer, nick.eth, revealed that from April 14 to April 21 the token took in about $700,000. However, from April 22 to April 27, ENS recorded over $3 million.
ENS Welcomes Upgrade To ENS L2/Offchain Integration
ENS has announced its upgrade to the new ethers.js. The new features that follow the upgrade may spur investors to buy ENS.
ENS L2/Offchain integrations come with two major components. They include ENSIP-10:Wildcard Resolution and EIP3668:CCIP. These two components help to rectify bug fixes and improve user experience through the ENS L2/Offchain.
Both the Ethers and the Ethereum blockchain’s core focuses are L2 support. This is because it boosts the entire experience of its network. Among such include gas fee reductions, high transaction capacity and speedy transactions.
The new CCIP Read contract features can postpone response to off-chain service. This comes with cheap data processing. Responses can also be verified by smart contract. The author can adopt whatever security mechanism he deems acceptable.
ENS Wildcards, the second feature, allows a single resolver to respond and rectify a vast number of sub-names. The names can be sent even if they are yet to be configured by the owner. Also, assets can be delivered to an ENS name yet to be registered. Whoever successfully registers the name can claim the assets.
Technical Analysis
At press time, ENS trades at $23.77, up 11.32% in the last 24 hours. The digital asset’s technical indicators reveal a bullish trend for investors who choose to buy ENS.
ENS hit a low of $14 on April 26. But it surged to a high of $27.65 on May 2nd. This points to a 90% increase in value during the highlighted period.
ENS is currently trading above the 50% Fibonacci retracement threshold of $23.36. The digital asset shows a positive moving average convergence and divergence (MACD), indicating a buy signal. Additionally, the digital asset’s relative strength index (RSI) of 55.55 shows that it is underbought, signalling a great opportunity to buy ENS.
The crypto asset reveals a 50-day moving average (MA) value of $23.64 and a 50-day exponential moving average (EMA) of $23.63. ENS is currently trading above its MA and EMA values, indicating a positive performance. Investors can buy ENS now as the digital asset is set to continue its bullish streak.
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