ENS Price Experiences Significant Volatility

The 4-hour chart shows that the recent correction between June 23-24 has been overcome, with the price continuing to rise but facing resistance at $25.69. Failure to surpass this level could push ENS back to $23.52. The Average Directional Index (ADX) currently indicates weak trend strength, with a reading of 21.13, suggesting that a continued decline in directional strength could compel ENS’s price to fall. According to data from IntoTheBlock, investors are poised to sell 812,870 tokens at an average price of $25.19, totaling $20.32 million. In contrast, only 399,800 tokens are ready for purchase, indicating insufficient buy orders to counteract a downtrend. This imbalance could hinder the token’s ability to sustain its recent gains. Despite the price surge, ENS investors seem doubtful about the token‘s sustained growth, with many placing sell orders. This skepticism is evident in the Exchange-OnChain Market Depth data, which shows real-time trading activities on exchanges. The disparity between buy and sell orders highlights potential selling pressure that could affect ENS’s price stability.

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