Cardano, Forms A Channel-Breakout, Here Are Next Possibilities!

Hi my friends,

Welcome to this analysis about Cardano, we are looking at the 2-hour timeframe perspective. Cardano for a longer time is moving in a sideways range where it developed a decisive descending-channel-formation in which the conditions recently altered with Cardano managing to move above the upper-boundary and close there, besides that I discovered other significant signs that can determine the upcoming outcomes ahead, therefore we are looking at all the important levels and likely perspectives we should consider with Cardano.

As when looking at my chart we can watch there how Cardano moved above the upper-boundary of its descending-channel-formation and closed there, this move also matched to the ABC-wave-count to the upside, now the next times we can expect Cardano to form the wave B in the structure which will run into the upper-boundary and the back-up-cluster lying there marked in my chart with the blue box where several supports coming together consisting of the 45-EMA in green, the 300-EMA in red and also horizontal support lying there overall making this a great zone for the origin of the final wave C to the upside which will emerge when Cardano manages to bounce within this structure and move higher above the 45-EMA, when such price-action shows up the upside targets will be activated where Cardano will run into the strong resistance lying there and when this is reached it has to be elevated how it moves on further from there and if there comes a bearish reversal which is the more likely scenario or Cardano somewhat manages to stabilize and move higher, it will be a interesting journey ahead.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Good luck is when opportunity meets preparation."

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