Cardano-Market-Status-Update-Analysis

Hi my friends,

Welcome to this analysis where we are looking at Cardano's daily timeframe perspective, the recent events, the current formational structure, what we can expect the next times, and how to possibly handle upcoming situations in the right manner. The cryptocurrency market divergences and spreads increasing and the formations the individual coins providing differ the more with an increasing pace, this is why we need to only by a fundamental perspective distinguish between the certain coins as the smart money and market makers are within the different currencies but also from a technical perspective these divergences within the technical analysis need to be distinguished and it should not be kept by side because this is too often happening these days, in order to assess the market properly we need to take all these differences may it be either fundamentally as well as technically into consideration.

Structural Developments:
Looking at my chart you can watch that Cardano has built and completed a very interesting formation in this structure here where it has formed a descending-triangle-formation which is often a reversal formation signaling bullish continuations ahead when confirmed properly. You can watch this formation marked in my chart with the blue lines and it already approved the breakout properly where it has now closed above the 100-EMA and confirmed this already, all these factors together with the inverse head and shoulder forming here which I already mentioned previously speaking for a bullish continuation till Cardano has reached the targets and till there can be a reversal because of overbought conditions, the line which is holding this bullishness currently still to the upside is the trendline marked in grey in my chart where Cardano already bounced and is likely to do it anew as it is marked in my chart.

Upcoming Outlooks:
When Cardano takes up now the more likely bullish continuation scenario this will continue till the upper ranges as you can watch these marked in my chart in red where Cardano has this preliminary resistance-cluster were not only horizontal resistance lying but also a supply-zone, this is why there can be a pullback expected after Cardano has visited this area. When Cardano now pulls back bearish in this cluster and breaks below the uptrend-line it will continue with bearish pressure till there is substantial support found where it can stabilize again which will be in the blue appropriate back-up-cluster marked in my chart, where coherent support is lying consisting of the 100-EMA in blue and the Fiboanccis also available there, this level is important to hold to further bullish continuations and it will be interesting to watch how Cardano is reacting into this zone.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Trading effectively is about assessing possibilities, not certainties."

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