Cardano, Managed To Climb Above Resistance, Next Steps Ahead!
Hello Traders Investors And Community, welcome to this update-analysis where we are looking at Cardano 4-hour timeframe perspective, the recent events, the current formational structure, what to expect the next times and where the journey with Cardano can go. As Cardano bounced at its head and shoulder target as expected it now climbed higher in the range and managed to confirm important steps coming to further contemplations. In comparison to rest of the cryptocurrency space market Cardano is showing some solid signs in the short-term which does not mean it is completely as there are still resistance levels above which can be taken for a reversal to lower levels again, in this case, I detected the important scenarios and price-actions we should consider now in order to anticipate the next movement correctly.
Looking at my chart you can watch there that Cardano just moved above the grey dashed and above the 100-EMA in red which was so important in this range to confirm above as pointed out previously, now as this meaningful step confirmed there are some other factors which came into the surface confirming this move above the , once it is the fact that Cardano formed an inverse head and shoulder formation as it is marked in my chart and secondly it is also a triangle consolidating above the rising and the 100-EMA , these factors making a continuation to the upside as it is marked in my chart highly possible, this scenario will be confirmed when Cardano crosses above the upper boundary of the triangle forming here which will activate the upper targets in the structure.
Overall we can expect Cardano to come up with the more likely continuation on the short-term developing the price into the target-zone at the rising blue which were previously also the neckline from the confirmed head and shoulder formation when this line is reached there will also the targets of the smaller head and shoulder be reached and it has to be elevated if the price forms a reversal here or more upside is possible, as the price has still some strong resistance levels there in the level the reversal is more possible which will move the price firstly to lower levels in the range, next times will show how this is playing out, currently the move above the upper boundary of the smaller triangle and above the 200-EMA will confirm next steps to the upside firstly.
In this manner, thank you for watching, support for more market insight, good day to you and all the best!
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Information provided is only educational and should not be used to take action in the markets.