Yooo everyone, let's analyze my favorite coin, the ZEN/USDT pair, on the daily time frame. Let's dive in 🤿
1)We can clearly see that a Descending Triangle has been formed, and the $9 resistance level was breached. Although a Descending Triangle is typically a bearish pattern, it can sometimes break upward and give us a bullish scenario. Currently, we are in a bullish scenario. We can clearly see that ZEN broke $9, confirming the pattern accuracy for future growth.
2)Currently, the Descending Triangle in this scenario is serving as a reversal pattern because we dumped in April and then formed a reversal formation triangle. If the dump continues after this formation, it will look like a continuation pattern.
3)About the target: Changing momentum from a downtrend to an uptrend can lead us up to $18 per ZEN, similar to the short-term cycle in February when it broke out from $9 to $18.
4)We also used the Williams Alligator trend indicator. We can clearly see the Green (lips) line crossed the Red (teeth) line, and the Red (teeth) line crossed the Blue (jaw) line. When the Green (lips) line and the Red (teeth) line move away from the Blue (jaw) line and the Blue line follows the same direction, it means the alligator has opened its mouth, indicating a full-blown upward trend. Just like in the previous April trend, we had the same Alligator signal and the price jumped up to $18.
1)We can clearly see that a Descending Triangle has been formed, and the $9 resistance level was breached. Although a Descending Triangle is typically a bearish pattern, it can sometimes break upward and give us a bullish scenario. Currently, we are in a bullish scenario. We can clearly see that ZEN broke $9, confirming the pattern accuracy for future growth.
2)Currently, the Descending Triangle in this scenario is serving as a reversal pattern because we dumped in April and then formed a reversal formation triangle. If the dump continues after this formation, it will look like a continuation pattern.
3)About the target: Changing momentum from a downtrend to an uptrend can lead us up to $18 per ZEN, similar to the short-term cycle in February when it broke out from $9 to $18.
4)We also used the Williams Alligator trend indicator. We can clearly see the Green (lips) line crossed the Red (teeth) line, and the Red (teeth) line crossed the Blue (jaw) line. When the Green (lips) line and the Red (teeth) line move away from the Blue (jaw) line and the Blue line follows the same direction, it means the alligator has opened its mouth, indicating a full-blown upward trend. Just like in the previous April trend, we had the same Alligator signal and the price jumped up to $18.