- Ethernity price has been in a strong bullish trend in the past few days.
- ERN has risen as the number of social interactions and mentions rise.
Ethernity price has become an outlier in the cryptocurrency industry recently. ERN soared to a high of $4.48, which was the highest level since May this year. This means that the coin has soared by more than 230% from the lowest level this year, giving it a market cap of more than $59 million.
Is Ethernity a good buy?
The Non-Fungible Token (NFT) industry has come under intense pressure in the past few months as the cryptocurrency winter accelerated. In total, the volume of NFTs traded in November was more than 90% below those that were traded in January. This explains why some of the top chains associated with NFTs like Flow, Solana, and Immutable X have dropped.
Ethernity is a relatively small company that seeks to become a leading player in the NFT industry. However, it is different from other NFT players in that it focuses on big-name brands and intellectual property in sports, content, collectibles, and technology.
Ethernity runs a marketplace where users can buy and sell NFTs of famous entities like Muhammad Ali, Associated Press, Argentina Football Club (AFA), Dan Marino, Manny Pacquiao, and James Dean among others. All this is notable since analysts expect that the entertainment and sports industry NFTs will account for more than $2 billion in 2022.
Ethernity Chain price has rallied as investors buy the dip. This increase is mostly because of the increased demand for the coin. A possible reason is that the total number of social mentions and engagements have increased sharply in the past few days.
Another reason why ERN price rose is because of a recent event by the company’s founder in its metaverse in the Decentraland platform.
Ethernity price prediction
The daily chart shows that the ERN price has been in a strong bullish trend in the past few days. Precisely, the coin has risen in the past three straight days and is now hovering near the highest point since May. As it rose, the coin managed to move above the important resistance level at $2.73, which was the highest level in July.
Ethernity has rallied above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level at 70. It is also between the 38.6% and 50% Fibonacci Retracement level.
Therefore, with the coin in an overbought level, there is a likelihood that the coin will drop this week as the momentum fades. If this happens, it will likely retest the important support at $2.76, which is about 25% below the current level.
