Ethernity Chain has been pumping over the last 24 hours. Data from CoinGecko shows that ERN is up by 148% within this time. At the time of writing, ERN was trading at $3.73.
ERN pumps 148% in 24 hours
ERN has been one of the top gainers over the past 24 hours. During the past 24 hours, the global cryptocurrency market has gained by 2%, but ERN has pushed limits with triple-digit gains.
ERN has recorded an uptick in trading volumes that now stand at $146.8 million over the last 24 hours. Ethernity Coin’s market cap stands at $60.55 million, making it one of the low cap cryptos in the market.
During the past 24 hours, ERN has traded between $1.52 and $3.96, indicating intense volatility. ERN almost touched $4 during the recent rally, but bears seem to be hindering such an uptrend.
Despite the 24-hour gains, ERN is one of the worst-hit tokens in this year’s bear market. ERN reached an all-time high in March last year but has lost 95% of its value since then. ERN has also plunged by 58% on a year-to-date basis.
Ethernity Chain’s price chart
The ERN Relative Strength Index (RSI) sits at 68, showing a strong bullish momentum during the past 24 hours. The bullish gains can also be seen in the moving average convergence divergence (MACD) line currently above the signal line.
However, the movement of the RSI and the MACD line poses the risk of a price reversal being on the way. If ERN’s buying support weakens and selling pressure builds up, ERN could plunge towards the lower support levels of $3.50. Nevertheless, there is not much action happening in the broader crypto market, and traders looking to book profits might move towards ERN to derive short-term gains, which could pump prices further.
Ethernity Chain is a less-known token in the market. It promotes itself as a “premier authenticated NFT project,” making it one of the players looking to dominate the web 3.0 & crypto sector.
Ethernity Chain is an NFT auction platform that auctions verified artworks of top artists and stars from different departments. One of the things that could attract people to use this NFT auction site is the promise of donating part of its earnings to charity. However, despite this promise, Ethernity Chain has not provided the list of charities to which the donations are made.
The ERN token is a utility token for the Ethernity Chain ecosystem. ERN is used to bid on NFTs and purchase them on the auction platform. Additionally, people can use the token to stake ERN to generate rewards.
The NFT space has grown significantly over the past year. NFT gaming projects have attracted much interest from investors, and ERN makes for one of the top cryptos to invest in.
However, the recent gains made by ERN could be lost as selling pressure is witnessed from the traders that want to dump and take profits. In this case, one of the best cryptos to invest in is Tamadoge (TAMA), one of the best cryptos to invest in for short-term and long-term gains. TAMA is currently listed on the OKX exchange and the Uniswap decentralized exchange.
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