In our last analysis, we were anticipating a breakout for Cardano from the descending correction. We mentioned to watch for buying pressure near the 200EMA, Major Trendline & previous structure. We got a really big push up which broke the descending correction confirming that bulls are back in this.
A few important things to keep an eye on for Cardano is the 1.85 level where we have previous structure that lead to a 40% drop. Once we clear 1.85, we can possibly hit new highs!
We are currently in what looks to be a bullish correction. For a risk entry, we will be watching the 1.600 level to break to take this higher.