Date: Thu, Nov 28, 2024, 09:49 AM GMT
As Bitcoin’s dominance in the crypto market continues to wane, attention is shifting toward altcoins, especially those within the Decentralized Identity (DID) sector. Bitcoin dominance has decreased from 61.28% on November 21 to 58.21% as of today, allowing DID tokens like Ethereum Name Services (ENS) and Space ID (ID) to take the spotlight.
ENS has surged an impressive 44% in the last 24 hours, with significant gains breaking through key resistance levels. Meanwhile, ID, though lagging slightly, shows early signs of a potential upside rally, gaining 2.85% today and hinting at substantial upside potential in the days to come.
Source: Coinmarketcap
Ethereum Name Services (ENS):
Ethereum Name Services (ENS), a decentralized domain name service, has seen a massive spike in price following a decisive breakout above $27.23, with the token reaching a daily high of $35.17 before settling at $34.81—just below the critical resistance zone at $35.10.
What’s Next for ENS?
The current resistance level of $35.10 remains pivotal. If $ENS successfully breaks and consolidates above this mark, it could aim for the next major upside target of $50.14, representing a potential 42% gain from current prices. However, given the sharp upward move, a brief consolidation around the resistance level is possible before further gains.
The Relative Strength Index (RSI) is currently in overbought territory at 87.93, signaling a strong bullish momentum but also a need for caution. If momentum sustains, ENS could emerge as one of the top-performing DID tokens in the near term.
Space ID (ID):
Space ID (ID), another prominent DID token, has been trading steadily and recently broke out of a prolonged consolidation zone at $0.5281. It is currently retesting this breakout at $0.54, a crucial level to confirm bullish momentum.
Historical Price Action
In February 2024, ID demonstrated a similar breakout from consolidation, rallying by an astounding 415%. Should this pattern repeat, ID’s next potential resistance lies at $0.8609, with a mid-term target of $1.83—a massive 231% upside from the current price.
The RSI for $ID is hovering at 75.59, suggesting strong buying pressure but nearing overbought levels. If the retest at $0.54 holds, ID could quickly climb to its next target, drawing renewed interest from traders and investors.
Key Takeaways
ENS: After a stunning 44% rally, ENS is poised to test the $35.10 resistance. A breakout here could lead to a potential rise to $50.14.
ID: Following a breakout at $0.5281, ID is retesting its support. A confirmed bounce could trigger a rally to $0.86 and beyond, potentially replicating its earlier 415% surge.
The recent performance of ENS and ID highlights the growing interest in DID solutions as altcoins take center stage. While both tokens exhibit strong bullish setups, investors are advised to approach with caution, given the heightened volatility and overbought RSI levels.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research and consider consulting with a financial advisor before investing in cryptocurrencies.
