ENS might be the name of the game

If even it's not (yet) 100 % clear if we out of a bear market (likely not), there might be a good window of opportunity.

After the last year of "slashing" the bad quality out of the crypto market (this process isn't over just yet), the market might be just in front of a ~6 months rally.

Besides the usual suspects (BTC and ETH), what could also gain in value (even against BTC and ETH)?

The author's attention is on ENS. For three simple reasons.

Reason 1 being a simple "story", easy to understand (for each fund manager as well). Grab your handle, own it in a decentralised way. Or in 5 words - DNS made in WEB 3.0 way.

Reason 2 is a bit deeper, it is about the token holders structure. It's a bit more complex but we will keep it simple (or try at least). The token holder and their accumulations look "healthy", look at the chart below:

The behaviour of "whales", visualised and explained

Reason 3 - TA + pattern recognition, see below:

5 waves up, 3 waves down..

Those who are into waves (or behaviour patterns/cycles) - will know what 5 ups, 3 down might mean. As always, it's never a 100 % cure call - but the odds seem to be good enough (at least for me).
Also pay attention to the "blue" areas, they show the MVRV 30D, which show how much, on average, the traders who moved their coins in the last 30 days are in profit or loss (in %). We are still below 0, that means the traders on average are in loss. For the future, in case we do grow from here, stay alert once we reach 20% positive, that's historically the level where quite some traders will start taking profits.

And here another one (I promise, the last for today) visual:

Network growth

That's an interesting one. "Network growth" shows just how many new addresses have been added on the network (ENS in our case). This metric is usually a part of our framework to identify the tops. But here, in case of ENS, it does reveal an interesting story about "crowd buys the dip". As you might know (and if not - this is just about the time to learn it), whenever the crowd "buys the dip" - there is none, it just keeps dipping. It's only when the crowd "gives up", the bottoms comes silently in. Unless the metric grows a lot in the next 48 hours - we might have it, the crowd isn't being active. Scared? Good for us if true.

Thanks for reading!

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