Cryptocurrencies were the only ones recording upsides as ENS (Ethereum Name Services) joined the party with its recent development activity. Undoubtedly, the naming system required recoveries following months of consolidation, and soaring development activity emerged in favor.
ENS price followed this resurgence, increasing by 9.38% to change hands near $18.38. nevertheless, the development activity uptick appeared to build a block of the surge besides the broad market recovery.
What else? Santiment’s data shows ENS noted a development activity slump, with the same plunging to 0.54 as of October 23. That translates to slowed ENS as far as network enhancement is concerned.
Also, Santiment declared that ENS resumed its on-chain upgrade after the decline (October 24). The development activity had increased to 4.5 as of this publication. Volume reacted to the uptick with an upsurge toward $96.64 million.
Q3 Can Clarify Everything
Meanwhile, the considerable upsurge wasn’t sudden. Messari confirmed that ENS’s performance during Q3 initiated the latest rally. The analytic site tweeted that Ethereum Name Service maintained a positive performance in the third quarter.
Messari added that ENS generated improved revenue compared to the last quarter, as the cryptocurrency market made fewer investor returns during that timeframe. Moreover, the data indicated that ENS saw a 66% QoQ (quarter-on-quarter) revenue surge. That showed that more market players watched ENS directions.
Meanwhile, its domain sections saw growth stunting before declining later. This decline triggered a 600% surge in expressions & non-renewals. Nevertheless, renewals soared three times from the past quarter. That saw few players in the cryptocurrency community maintaining interest in purchasing digital collectibles.
Should You Be Excited?
Indeed, ENS enthusiasts would cheer the latest uptick. Furthermore, the 4hr RSI (Relative Strength Index) shows ENS retained a massive buying momentum. The value of 55.75 shows ENS will unlikely surrender to selling strength unless it touches the overbought region.
That would materialize amidst more volumes and selling by traders. Also, the EMA indicated that the price might remain elevated for some time.
While writing these lines, the 20 Exponential Moving Average stayed beyond the 50EMA. That could guarantee extended upsides in the near term. However, investors should consider the rising volatility from the BB as it might welcome reversals.