Welcome to this analysis about Cardano, we are looking at the 1-hour timeframe perspective. Cardano since the recovery from the breakdowns which was expected in the structure is forming some interesting price-actions at the moment I discovered can show up with some solid potentials ahead when the proper alignments develop further in the range, therefore I detected all the significant levels and likely outcomes we should consider with Cardano at the moment.
When looking at my chart you can watch there that Cardano manged to move above the descending-trend-line in grey and above the 55-EMA in red with this swift move which initiated Cardano into forming this channel-formation it is currently trading within marked in blue in my chart, besides that Cardano formed this important wave-count within the channel-formation where the waves A-C already completed and now Cardano is about to move on to form the wave D also running into the upper-boundary-resistance that is likely to be the origin for the final wave E moving into the lower-boundary, when this final wave E manages to bounce within the lower-boundary and move on further from there this can be a solid source for a final breakout above the upper-boundary as it is marked in my chart, such price-action will complete the channel-formation as a bull-flag and activate upside-targets and also the setup marked in my chart.
For now it is important to elevate the final validations and confirmation of the channel as a flag, this whole mechanism can be traded aggressively with immediate entry or conservative with entry after confirmation, although the immediate entry is also possible here the conservative will be much better as it will point the proper entry-setup like it is marked in my chart, when Cardano shows up with the breakout it will activate the upside-targets after which they are reached the market has to be assessed anew.
In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Trading effectively is about assessing possibilities, not certaininties."
Information provided is only educational and should not be used to take action in the markets.
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