Welcome to this analysis about Cardano, we are looking at the 4-hour timeframe perspectives. Cardano in recent times heavily increased with bullishness however it now moved into an overbought condition that should not be kept by side and in this case, I discovered the main formation Cardano is developing here that will be a decisive factor in the upcoming times. As when looking at my chart now we can watch there how Cardano has emerged with this key ascending-wedge-formation marked in my chart with the blue boundaries, within this formation Cardano has the coherent wave-count and the waves A to C almost already completed. Currently, Cardano is testing the 2.95 USD region which is an important resistance and also psychological resistance-mark together with the upper-boundary of the ascending-channel-formation a pullback from here is highly likely especially as the wave-count also already completed. When this happens and Cardano increases with the bearish pullbacks below the lower boundary of the whole formation this will be the origin for further bearish continuations to the downside and Cardano will activate the ascending-wedge-target-zone marked in my chart in blue within the 2.24 level. Once this target-zone has been reached this will be crucial because it will show if Cardano manages to bounce from there or just sets up for further continuations to the downside, it will be an important and interesting development ahead.
In this manner, thank you for watching my analysis about CARDANO and the main ascending-wedge-formation with the upcoming perspectives to consider, support the analysis with a like and follow or comment for more market insight! "The high destiny of the market is to explicate, rather than to speculate."
Information provided is only educational and should not be used to take action in the market.
look up ascending wedge in a bull run. can it not break up? did BTC's last string of ascending wedges breakup... leaving everyone behind that was waiting for a pull back so they could get it...? imo.... ADA breaks up... TA is not only charts and probability of the chart its self, but news and market sentiment too. Yeah, rising wedge has a 68% of breaking down but i dont think it will under these specific conditions, season with this specific coin ADA !!! imo .
FindTheSun
⋅
@RJM2, good point, but rising wedge is almost always foretells a small drop/reversal, and last few days quite low vol on BTC, so we should be due for a temporary pullback
bitcoinwallah
⋅
@RJM2, the price momentum has progressed too fast IMO, especially against falling volumes.. I see a bearish divergence so Vince could be right about the wedge setup..
louissilas-ak
⋅
Wow.... Looks like you nailed it!!! Nice one. I am trying to learn these patterns. Thank you much!