tumbler55

Cardano looking for an upwards breakout out of huge wedge 🚀✨

Long
BINANCE:ADAUSDT   Cardano / TetherUS
Cardano currently retests the 1$-1.3$ region which is a very strong support band combined of the purple band and the green horizontal line.
Except the bear trap we are following the structure of a huge wedge pattern that is about to break out since we found this massive support zone .
On the RSI side we just retested the falling yellow line as support and are now going for the 50 line.

Also looking at fundamentals gives us bullish vibes.
Sundaeswap will soon communicate a release date that is most likely in February where we also get a Cardano update indicated by the blue vertical line (21st of February).

On the other side we now have to pass the 20MA, 50MA and the upper line of the falling wedge which are all very much aligned.
This could be a strong resistance but expect that the upcoming demand will eat up this resistance zone in no time.

We expect to hit 2.3$ within the next 40 days and possibly go even higher.

Feel free to comment or ask anything you like.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.

Cheers Ctumbler

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.