Over the past month, as investors tried to salvage the rest of their crypto asset investments from further losses, acquiring a domain name took the back seat on the list of their problems.
Google Trends data for the search term “ENS Domain Name” revealed a gradual decline in Internet users’ interest in that topic since early May. The declining interest in acquiring ENS domain names has impacted the performance of ENS tokens, which have registered a 56% drop in price in the past month.
According to data from Whalestats, ENS tokens were among the top 10 tokens purchased by the 500 largest ETH whales in the past 24 hours. But does this mean a recovery may be underway? Well, let’s see.
In the past month
Since early May, the price of ENS tokens has moved south. At the beginning of May, $20.5 was down 56% as the tokens switched hands at $9.28 per ENS token at the time of printing.
Despite the announcement on May 23 that the domain name service has been taken down Significant growth in registrations, renewals, earnings (ETH and USD) and earnings (ETH and USD) in May, the price of the tokens has seen no growth.
During the same period, the market capitalization decreased by 54%.
In the last 24 hours
While the cryptocurrency market enjoyed some relief from last weekend’s carnage, ENS tokens also saw some growth. In the past 24 hours, the price of the token has increased by 6%. As the accumulation gradually took off, the Money Flow Index (MFI) and Relative Strength Index (RSI) were spotted in an uptrend of 44 and 45 respectively. Although they are below the 50 neutral spot, these indicators should try to neutral region with the ongoing correction.
Don’t burn yourself
Although the price of the token had risen, data from the chain pointed to an impending reversal. With volatility peaking at 18% in the past 24 hours, bearish sentiment has seen a 25% increase. On the downside, bullish sentiment saw a 9% drop.
Exchange current balance at the time of printing also showed that more ENS tokens left the exchanges than entered.
This post Ethereum Name Service [ENS] takes U-turn; will it yield to crypto winter?
was published first on https://ambcrypto.com/ethereum-name-service-ens-takes-u-turn-will-it-give-in-to-crypto-winter/