Hey trader!
This analysis reviews a bullish breakout for the price of Cardano. Cardano has recently experienced a bearish trend since the all-time high at 3.1059. However, a triangle formation has emerged which may indicate that the price will rise despite the recent move. The triangle is pointing a lot upwards and with other tools like Fibonacci it can be estimated that the price has the potential to rise to new highs, potentially to the resistance level at 0.5118, as there are e.g. there are also some support levels at 0.2436, 0.3043, 0.3224, which makes the price potential for a strong development.
I hope this analysis was instructive and that it can be used for further consideration of the direction Cardano should take in the future.
This analysis reviews a bullish breakout for the price of Cardano. Cardano has recently experienced a bearish trend since the all-time high at 3.1059. However, a triangle formation has emerged which may indicate that the price will rise despite the recent move. The triangle is pointing a lot upwards and with other tools like Fibonacci it can be estimated that the price has the potential to rise to new highs, potentially to the resistance level at 0.5118, as there are e.g. there are also some support levels at 0.2436, 0.3043, 0.3224, which makes the price potential for a strong development.
I hope this analysis was instructive and that it can be used for further consideration of the direction Cardano should take in the future.