Everyone's favorite Airdrop/DAO/NFT/Web3 functionality ENS has been catching a decent bid amid current market conditions.
Up about 90% from the lows while the majority of the market is back to their lows, I'd say ENS is doing pretty well.
From a point of value/ R:R, and also based on popularity, utility + sustainable future, ENS is in a great place currently at face value for a swing/mid-term hold (IMO).
Recent News
ENS 3 & 4 digit number names have become quite popular recently creating a buzz around the NFT ecosystem, most notably with BAYC/MAYC members buying the # that corresponds to their NFT #.
Adding to the above, with the new otherside deeds going live, ALL ENS numbers from 1-10k & 10.1 - 20k are taken. Quite an influx of cashflow is no doubt having an effect on the price of the underlying token as I believe a portion of the funds go towards the DAO and the community handles it from there, making for a fundamentally bullish case IMO.
I myself have been trying to snipe notable names that are expiring soon. Think of it like buying the copyright to your name - no one else can have the same name as you, and if they want to, then theyll have to pay you at your price. I believe ^this^ portion of the analysis is where the greatest value will come from; I'll leave you to connect the dots and figure out the rest.
ENS also recently broke the threshold of 1,000,000 names.
Moving along, looking at price as a whole, its evident to me that ENS has went thru a full market cycle and is in the last phase. Think of the famous Market Psychology Chart.
Many airdrop tokens & brand new low-midcap IDO tokens tend to go through this Market Psychology M as I like to call it at a much faster rate than more sustainable tokens. I believe I have a few analysis on that topic that I'll link below.
Conclusion
Looking at all the factors mentioned and from a probabilistic view:
Is it possible for ENS to make it back to $40 given there is a rise in popularity again?
YES
Is it possible due to the current market cycle phase for ENS to make it back to at least $40 without any other factors?
MAYBE
Can ENS fall back to lows where we see a fourth bottom and likely fall even further creating a much worse R:R ?
UNLIKELY (NO)
Based on current strength relative to the market, can ENS possibly continue even for a short while breaking the next resistance level?
YES
Welp, thats enough for me to look for an entry and potentially hop into the next trend. ENS names becoming hot again is definitely something I see happening; everyone already has their twitter usernames as their ENS, so what could really go wrong by buying a name you like, or even investing in the project that facilitates this?
Up about 90% from the lows while the majority of the market is back to their lows, I'd say ENS is doing pretty well.
From a point of value/ R:R, and also based on popularity, utility + sustainable future, ENS is in a great place currently at face value for a swing/mid-term hold (IMO).
Recent News
ENS 3 & 4 digit number names have become quite popular recently creating a buzz around the NFT ecosystem, most notably with BAYC/MAYC members buying the # that corresponds to their NFT #.
Adding to the above, with the new otherside deeds going live, ALL ENS numbers from 1-10k & 10.1 - 20k are taken. Quite an influx of cashflow is no doubt having an effect on the price of the underlying token as I believe a portion of the funds go towards the DAO and the community handles it from there, making for a fundamentally bullish case IMO.
I myself have been trying to snipe notable names that are expiring soon. Think of it like buying the copyright to your name - no one else can have the same name as you, and if they want to, then theyll have to pay you at your price. I believe ^this^ portion of the analysis is where the greatest value will come from; I'll leave you to connect the dots and figure out the rest.
ENS also recently broke the threshold of 1,000,000 names.
Moving along, looking at price as a whole, its evident to me that ENS has went thru a full market cycle and is in the last phase. Think of the famous Market Psychology Chart.
Many airdrop tokens & brand new low-midcap IDO tokens tend to go through this Market Psychology M as I like to call it at a much faster rate than more sustainable tokens. I believe I have a few analysis on that topic that I'll link below.
Conclusion
Looking at all the factors mentioned and from a probabilistic view:
Is it possible for ENS to make it back to $40 given there is a rise in popularity again?
YES
Is it possible due to the current market cycle phase for ENS to make it back to at least $40 without any other factors?
MAYBE
Can ENS fall back to lows where we see a fourth bottom and likely fall even further creating a much worse R:R ?
UNLIKELY (NO)
Based on current strength relative to the market, can ENS possibly continue even for a short while breaking the next resistance level?
YES
Welp, thats enough for me to look for an entry and potentially hop into the next trend. ENS names becoming hot again is definitely something I see happening; everyone already has their twitter usernames as their ENS, so what could really go wrong by buying a name you like, or even investing in the project that facilitates this?
Comment:
Retest is here back at prev. broken resistance which should now serve as support.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).