Vitalik-backed ENS surges 15% into overbought territory
The Ethereum Name Service (ENS) has seen impressive growth, while data shows that the token is overbought at this price point.
ENS has risen 15.62% in the past 24 hours and is trading at $26.7 as of writing. This is the second time ENS has broken the $26 mark this month - the last time it broke this level was in January 2022.
Despite the price surge, ENS is still down 69% from its all-time high of $85.69 in November 2021.
As the price rose, ENS's total market capitalization soared to $840 million, making it the 82nd largest cryptocurrency. The asset's daily trading volume has also increased by 39%, currently hovering at $227 million.
According to data provided by Santiment, ENS's total open interest has increased by 27% in the past day, from $60.32 million to $76.45 million. A sudden surge in open interest usually leads to increased liquidations, which in turn lead to greater price volatility.
Data from the market intelligence platform shows that the total funding rate for ENS has dropped from 0.009% to 0.006% in the past 24 hours. The chart shows that the increase in open interest mainly comes from a surge in the number of short positions - traders betting on a fall in the price of ENS.
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