Metaverse in Descending Triangle patterns
ENJ, SAND, MANA. What’s next?
In the video, we show how to trade a Descending Triangle pattern, which we’re seeing more often after couple of months of consolidation, see analysis of Metaverse coins ENJ, SAND, MANA.
Interestingly, several major metaverse coins are trading in Descending Triangles: ENJ, MANA, and SAND.
altcoins market appears to be turning into sideways action and in the process, some are forming Descending Triangle patterns.
And those patterns are approaching their pinnacle, meaning a breakout is coming up soon.
Descending Triangle patterns can break in either direction, but typically resolve in a bearish breakouts, or in a direction of the existing trend, which is down currently.
However, traders don’t guess which way it will break. Instead, they wait for the breakout before taking a position! See Pattern Cheat sheet for more info.
One such situation is Enjin (ENJ — see chart below). Price is about to break out from Descending Triangle pattern.
If it breaks above $2.50 resistance zone, it would be a bullish breakout of the pattern AND would make a Higher High, also a positive.
You can create price alerts for those critical price levels to stay on top of such breakouts in real time. Here’s 2 min tutorial video on that.
You can find Descending Triangle patterns in our Curated Charts. These can generate some decent trade setups for you if you know how to leverage that information and set up alerts.
Watch this video to get an update on trade setups for ENJ, MANA, SAND, and THETA and learn about Descending Triangle patterns.