Cardano at this time is forming a differential formation compared to the rest market as it is trading in this narrower getting range this can lead to a strong volatile breakout sooner or later to show up and confirm further alignments, currently, the breakout is more likely to show up as Cardano has some important supports in the structure and also formed strong up moves, besides that there are some confirmations Cardano has to show up with to finally complete the formation and also point to the next continuations, therefore I detected all the important levels and likely outcomes we should consider here.
When looking at my chart you can watch there Cardano now building this preliminary important triangle formation with the boundaries marked in blue and the coherent wave-count established with the waves A-D formed already, there are not much waves left to finally complete this important wave-count which is likely to happen with the final wave E determining within the lower-boundary and the back-up-cluster lying there marked in blue, when Cardano manages to bounce with a strong move within this cluster and then moves with a decisive price-action above the upper-boundary to close there this will be the first confirmation in the structure and is likely to follow up with further bullishness after this has established Cardano needs to finally move above the point-of-control from the volume-profile marked in red in my chart, when Cardano shows up with such price-action this will finally confirm the continuation and will point to higher levels in the structure with a increased possibility.
For now, we need to elevate and contemplate how Cardano manages to bounce rightly within the lower boundary and therefore complete the whole wave-count as well as formation as this will be the necessary step to finally show up with protracted bullishness and continuation ahead, when Cardano shows up with such price-action it will be able to follow the mains and increase its potential ahead, the structure looks also certainly more on the higher timeframes which is also playing into this breakout scenario, it will be an interesting development.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Miracles tend to happen outside the usual experiences.”
Information provided is only educational and should not be used to take action in the market.
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