ENS hits $28 – But THESE indicators suggest caution ahead!
Main Idea
ENS (Ethereum Name Service) has seen a price increase to $28.63, but indicators suggest potential caution due to high inflows to Binance and reduced buying pressure.
Key Points
1. ENS price reached $28.63, gaining 1.3% for the day, with a market cap of $1.04 billion.
2. ENS has rallied 71% since late June, testing the $32 resistance level but facing rejection.
3. The altcoin netflow to Binance showed extremely high normalized inflows, a bearish sign for the short to medium term.
4. The CMF (Chaikin Money Flow) dipped from +0.27 to +0.05, indicating reduced buying pressure over the past two weeks.
5. A drop below the $26.15 support level could signal weakening buyer conviction.
Description
The altcoin netflow to Binance chart showed that ENS saw extremely high normalized inflow, which was a strongly bearish sign.
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