Cardano, Building Decisive Formation, These Levels Important!

Hello Traders Investors And Community, 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 upcoming times and how to handle the situation appropriately. Since Cardano has formed the major breakout of its descending-triangle-formation and marked coherently above the 200-EMA it is forming an interesting and decisive formation here which is important for the further outcomes, normally this is a bullish formation however Cardano needs to show the proper breakout within the near time as the end of the triangle emerges when Cardano properly shows up with it the bullish potential will increase and Cardano is likely to test the upper levels further, therefore I detected the important levels and likely outcomes we should consider within Cardano's current structure.

Looking at my chart you can watch there that Cardano has now tested several times the triangular-Cluster-Formation upper boundary where it is trading above the meaningful 100-EMA marked in green together with the trendline and the upper boundary this range gets narrower till a decisive breakout can finally show up, in this case it is highly important that Cardano does not move below the 100-EMA and below the rising trendline again because this can possibly invalidate the breakout nevertheless as Cardano has some other important technical factors also on the smaller timeframes the breakout above the upper boundary is likely and can be expected, this will show up when Cardano moves above the upper boundary with a decisive volatile move and closes there to test the boundary and finally continue further.

The next times will show how Cardano will form the likely breakout here and move on to the upper layers, overall it will be a significant test of the remaining resistance up there which is marked in my chart between 0.144 and 0.156 in red where Cardano has strong resistance lying which is possible to firstly form a pullback from there, it will also complete the wave-count from A to C with the final wave C ending within the resistance-cluster. When Cardano pulls back bearish in this resistance it will continue with the pull back when it moves below the trendline till there is sustainable support found that can reverse the perspective which Cardano has in the blue back-up-cluster marked in my chart supported by the 200-EMA in blue and the 100-EMA in green, this level will be highly important to hold on the middle-term and when Cardano reaches it the price-action will be important for the continuations.

In this manner, thank you to everybody for watching, have a good day and weekend as well as 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 market.