Short term targets— with the Alonzo release right around the corner, Cardano has been able to build up some strong momentum. In the daily, there is a double bottom that had formed! Let's see where this is going
I believe this is a textbook cup and handle. Perfectly drawn cup + handle followed the perfect Fibonacci retracement (0.618).
Entry price: 0.00035787 (above the resistance of the cup, buy on the breakout)
Target 1: 0.00049462 (right below the ATH)
Target 2: 0.00054597 (based on the reverse Fibonacci level of 1.618 that could play as a resistance)
Target 3:...
General pattern: Ascending triangle
Reason for long: Bounce from support (to the resistance of general pattern).
Chart details:
Red rays: resistances
Yellow rays; play as both support and resistance
Green: support
To be safe, I'd set two targets.
Target 1: 0.022785
Target 2: 0.023854
Stop-loss: 0.020663
Do your own research, and only use my analysis as support to yours.
