Cardano, Validated Resistance And Moved Into The Boundaries!

Hi my friends,

Welcome to this update-analysis about Cardano, we are looking at the daily timeframe perspective, the upper-resistance and short-zone I mentioned in the origin-analysis now fully validated and Cardano showed up with heavy bearishness from there moving into the lower back-up-cluster as expected, if you did not see this analysis already I highly recommend it to you to have a full-depth-overview, now as these price-moves showed up and Cardano testing the important support I detected the meaningful levels and likely outcomes we should consider within the current structure and upcoming movements.

When looking at my chart you can watch there how Cardano now rightly testing the blue support-line which is also matching with the neckline that Cardano established with the inverse head-and-shoulder-formation that completed to the upside, now Cardano bounced already in this cluster and moved somewhat to the upside this is why we can expect the level to be tested anew the next times and form the wave-count as it is marked in my chart that is likely to confirm the back-up-cluster and show up with the further continuations from there, in this case it is from high importance that Cardano does not move below the blue support-line and the back-up-cluster again because such price-action can invalidate the bullish perspective, however when Cardano stays above the trendline and confirms it further as support this can be a solid origin for new bullish movements and a test of the upper resistance-levels again.

Cardano has established some good bullish potentials in the structure now the time came that Cardano validates this bullishness further and stays above the suggested levels when such movements can form here there are some possible great bullish continuations ahead with Cardano forming new highs, for now it is important to elevate how Cardano develops in the structure and moves on from here, the whole structure differs from Bitcoin or Ethereum as Cardano is a more volatile pair the bullish developments need to confirm nevertheless when these confirm there are some fundamental likelihoods given.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.