After Cardano has parachuted down form the resistance at $1.63781, it has pulled the ripcord shortly before the support at $0.92258 and has been gliding along it for some time now, experiencing a little bit of updraft lately. However, we expect the volplane to reach the $0.92258 support line soon, where it should gain drive for further downward movement. Cardano should then ideally land at about $0.52409 in the green zone between $0.93552 and $0.27674, where the flight should end with the magenta wave [v]. Then, Cardano should fold up and pack its parachute and make its way back above $0.92258.
As long as Cardano has not reached the support at $0.92258, though, there remains a 25% chance that there is too much updraft for it to land properly. If the wind then carries Cardano back above the resistance at $1.63781, its power should suffice to blow the price further upwards above $2.4574 and from there, even above $3.100.
As long as Cardano has not reached the support at $0.92258, though, there remains a 25% chance that there is too much updraft for it to land properly. If the wind then carries Cardano back above the resistance at $1.63781, its power should suffice to blow the price further upwards above $2.4574 and from there, even above $3.100.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
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.