ENS, the native token of Ethereum Name Service, a decentralized naming system, has seen a sharp price increase, surging by 37% in the past 24 hours. This performance makes it the top gainer among the top 100 cryptocurrencies.

During Thursday’s early Asian session, the altcoin reached a new year-to-date high of $37.29 before pulling back slightly. It is now trading at $34.17, accompanied by a notable rise in trading volume.

Ethereum Name Service Sees Spike in Trading Activity

A significant rise in trading volume has accompanied ENS’ double-digit surge. It has reached an all-time high of $2.35 billion, rocketing by more than 300% over the past 24 hours.

When an asset’s trading volume rallies with its price, it signals strong investor interest. Rising volume confirms that the price movement is supported by active participation, making the rally more sustainable. On the other hand, a price increase without volume growth may suggest a weaker uptrend that could be prone to reversal. 

This means that actual demand for the token, rather than mere speculative trading activity, has driven ENS’ rally.

Moreover, the altcoin’s open interest has surged to a multi-month high of $132 million, confirming the rise in trading activity. Per Santiment, this has risen by 7% over the past 24 hours and is currently at its highest level since July.

Open interest measures the total number of outstanding contracts (such as futures or options) that have not yet been settled or closed. When it climbs during a price rally, it indicates that more traders are entering positions, suggesting strong market participation in the rally.

This signals the trend will continue, as increasing open interest reflects growing confidence in the price movement.

ENS Price Prediction: Buyers May Soon Witness Exhaustion

As of this writing, ENS trades slightly above support formed at $31.57. A successful retest of this support level will propel the token’s price to reclaim its year-to-date high of $37.29.

However, readings from ENS’ Relative Strength Index (RSI) indicate that the market is overheated, and buyers may soon experience exhaustion. At press time, the indicator’s value is at 79.27.

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges from 0 to 100, with values above 70 suggesting the asset is overbought and potentially due for a correction. Conversely, RSI values below 30 signal the asset is oversold and may be primed for a rebound.

A potential correction will push the ENS token price below support at $31.57 and toward $28.27.

Bitcoin price is recovering higher above the $94,000 level. BTC is consolidating and aims for a fresh increase above the $97,000 level.

• Bitcoin started a fresh increase from the $91,000 zone.
• The price is trading above $95,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $97,000 resistance zone.

Bitcoin Price Recovers Losses

Bitcoin price found support near the $91,000 zone. BTC formed a base and started a fresh increase above the $93,500 resistance zone. The bulls were able to push the price above the $95,000 resistance zone.

The price surpassed the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low. There is also a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $97,000 level. It is near the 76.4% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low.

The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance might send the price higher. The next key resistance could be $99,200. A close above the $99,200 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $97,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,750 level.

The first major support is near the $95,000 level. The next support is now near the $93,000 zone. Any more losses might send the price toward the $91,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $95,750, followed by $95,000.

Major Resistance Levels – $97,000, and $98,000.

Gifto faces backlash following its recent move to mint and dump GFT tokens into the market. On November 26, Binance announced that it would delist the GFT/USDT trading pair on December 10, 2024.

The delisting, part of Binance’s broader decision to remove eight altcoin spot trading pairs, has already sent shockwaves through the market.

Gifto’s Controversial GFT Token Dump

The immediate aftermath of the Binance’s delisting announcement on Tuesday was swift and severe. In what could only be ascribed to a sharp decline in investor confidence, the GFT token’s price dropped by approximately 25%. Expectedly, delistings from major exchanges like Binance often trigger panic selling as liquidity and accessibility to the asset decrease.

Adding fuel to the fire, on Thursday, Web3 data analysis tool Lookonchain implicated Gifto in a significant token dump. According to the blockchain analytics firm, the Gifto team minted 1.2 billion GFT tokens, valued at roughly $8.6 million, within an eight-hour window. These tokens were then deposited into exchanges, coinciding with an alarming 40% drop in GFT’s market price.

“On Nov 26, Binance announced it would delist GFT on Dec 10, 2024. The Gifto team minted 1.2 billion GFT ($8.6 million) in the past 8 hours and deposited it into exchanges. Gifto may have dumped these tokens onto the market, and the price of GFT has dropped by ~40%,” Lookonchain revealed.

The timing of this mint-and-dump operation has raised eyebrows. Many in the crypto community perceive it as an opportunistic exit strategy, further eroding trust in the token. One user on X (formerly Twitter) criticized Gifto’s actions.  

“Getting delisted and dumping tokens on holders… classic web2 move. This is why we need decentralized projects that can’t pull this type of exit bs. Stick to real DeFi,” the user noted.

Broader Implications of Binance Delistings

Binance’s decision to delist GFT and seven other altcoins reflects a growing trend in the cryptocurrency space. Exchanges continuously evaluate and remove underperforming or problematic tokens. The assets set to be delisted alongside Gifto include IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).

Delistings often have profound consequences for affected tokens. Beyond immediate price declines, they face reduced liquidity, diminished market confidence, and barriers to entry for potential investors. In some cases, the token’s long-term viability comes into question as it loses the visibility and trading volume that exchanges like Binance provide.

For Gifto, the combination of the delisting and the controversial token dump has created a perfect storm. It leaves its community in disarray. Retail investors, often the last to react, find themselves at a disadvantage as prices plummet and large token holders offload their positions.

The unfolding Gifto saga highlights critical vulnerabilities in the crypto ecosystem. Centralized control over token minting and allocation can lead to events like this. When trust is undermined, retail investors bear the brunt of poor decision-making.

This episode also serves as a cautionary tale about the risks of holding tokens overly dependent on centralized exchanges. With the rise of decentralized finance (DeFi) and decentralized exchanges (DEXs), there is growing momentum toward more transparent and resilient alternatives. For now, GFT holders face an uncertain future, with December 10 looming as a critical date.