Cardano joins Chainlink, Dot, and a few others in an exclusive group of cryptocurrencies that have potentially printed impulsive structures over the last few months. While it is entirely possible that they will simply follow Bitcoin, this group has proven that they have the ability to move independently from the rest of the market - so it is important to be aware of the point where things begin to change, as well as the reason why.
As Cardano approaches the final leg of its correction, it is critical for the bulls to step in at these levels in order to ensure more upside. On this final leg down, it appears to be targeting $0.04 - $0.06. Following this, Cardano will have a retracment - whether this pullback is impulsive or corrective will determine if it is bullish or bearish.
In order for this to break bullish, it is necessary that momentum can secure the 60 - 70 range with support at 45 - 50. If it doesn't, momentum and the direction are under Bearish Control, not Bullish. The most important price range that will need to be broken is $0.08 - $0.10. It needs to break through this level impulsively and with strength, not correctively. Otherwise it will join the vast majority of alt-coins in heading much lower.
Almost every high cap. alt - coin has either formed one of two structures - a WXY or an expanded flat ABC. If the bulls fail to rally around Cardano, it fits the criteria for an expanded flat scenario, which would bring Cardano to new all time lows around $0.01 or less.
As Cardano approaches the final leg of its correction, it is critical for the bulls to step in at these levels in order to ensure more upside. On this final leg down, it appears to be targeting $0.04 - $0.06. Following this, Cardano will have a retracment - whether this pullback is impulsive or corrective will determine if it is bullish or bearish.
In order for this to break bullish, it is necessary that momentum can secure the 60 - 70 range with support at 45 - 50. If it doesn't, momentum and the direction are under Bearish Control, not Bullish. The most important price range that will need to be broken is $0.08 - $0.10. It needs to break through this level impulsively and with strength, not correctively. Otherwise it will join the vast majority of alt-coins in heading much lower.
Almost every high cap. alt - coin has either formed one of two structures - a WXY or an expanded flat ABC. If the bulls fail to rally around Cardano, it fits the criteria for an expanded flat scenario, which would bring Cardano to new all time lows around $0.01 or less.
