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Ethereum Name Service (Anas) posted impressive gains while data shows that the token is overbought at this price point.
ENS price is up 15.62% in the last 24 hours and is trading at $26.7 at the time of writing. This is the second time this month that ENS has crossed the $26 mark – a level last seen in January 2022.
Despite the price rise, ENS is still down 69% from its all-time high of $85.69 in November 2021.
Following the price rise, the total market capitalization of ENS rose to $840 million, making it the 82nd largest cryptocurrency. Assets Daily Trading volume It also rose by 39%, and currently stands at $227 million.
According to data provided by Santiment, ENS’s total open interest rose by 27% over the past day – rising from $60.32 million to $76.45 million. A sudden rise in open interest usually results in higher price volatility due to increased liquidations.
Data from the market intelligence platform shows that the total funding rate raised by ENS decreased from 0.009% to 0.006% in the past 24 hours. The chart shows that the increase in open interest came mostly from an increase in the volume of short positions – traders betting that ENS prices will fall.
For every centiment, Anas The Relative Strength Index (RSI) is currently hovering at 61, which indicates that the asset is slightly overbought and could be manipulated by big whales.
For ENS to remain in bullish territory, its RSI would need to cool down below the 50 mark.
