Metaverse Token Blooming; Checkout Our Price Analysis For MANA, SAND, ENJ
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The Metaverse fanbase is increasing day by day, and as the new year approaches, the industry seems to be having even a brighter future ahead. Today, the major Meta token showed a positive price movement from their crucial support, trying to initiate a new rally.
MANA Token Price Gave Bullish Breakout From Falling Channel Pattern
Source- MANA/USD chart by Tradingview
The recent correction phase in the MANA token brought around a 50% discount for the crypto investors, lowering its price to a psychological value of $3. Moreover, the technical chart reveals a falling channel pattern in the 4-hr time frame chart.
Today the price surged around 12%, resulting in a bullish breakout from the price pattern. The token price is currently in a retest phase which should provide a great entry opportunity and validate if the breakout was genuine or not.
On a contrary note, the 200 EMA and $3.65 resistance levels are quite close to the price, and therefore, the safe traders can wait for the price to breach this level for better confirmation of a rally.
The Relative Strength Index(60) displayed an impressive recovery cornering the token’s price action.
SAND/USD Chart Displayes A Short Consolidation In The Price
Source- SAND/USD chart by Tradingview
The last time when we covered an article on SAND/USD, the token price was under a correction phase which plunged its price to the 0.5 Fibonacci retracement level($4.5). The pullback cost a negative 40% for the crypto investors, where the coin price is currently trying to sustain above the support level.
It has been almost two weeks since the price is resonating between the $5.7 and $4.5 mark, creating a narrow range in this chart. The crypto trade could grab a great entry opportunity once the price breakouts from either level of this range.
However, the Relative Strength Index(56) indicates a significant bullish divergence in its chart, suggesting a bullish breakout from the range.
ENJ/USD Price Resonates In A Falling Wedge Pattern
Source- ENJ/USD chart by Tradingview
The last time when we covered an article on ENJ/USD, the token price was trying to sustain above the $3.5 support. However, the overpowered bears dropped the price below this support, indicating a deeper correction phase.
Later the token price plunged to the $2.2 support, projecting a 55% loss in its value. Furthermore, the chart shows a falling wedge pattern formation in the 4-hour time frame chart. The price is still resonating between two descending trendlines of this pattern, preparing for it a strong breakout from either of these lines.
Moreover, The Relative Strength index(56) indicates a strong bullish divergence in its chart, suggesting a bullish breakout from the price pattern.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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