Cardano bullish flag formation
Hey Trader!
This analysis is based on the idea of a Bullish Flag which is illustrated in this analysis. The thick bottom line that follows the market price is the support line for Cardano. On the other side of the price is the resistance line. This flag is pointing downwards which is a strong signal that the price will break out as a bullish breakout. Since late December, when the price formed the current strong support at 0.2395, the price has begun a bullish trend where it has recently shown its potential to break this flag formation. If the price is to follow Fibonachi's indication, the price has the potential to reach the target at 6.0035
I hope this analysis was instructive and can be used for thinking about how the price trend can potentially fluctuate in the future.
This analysis is based on the idea of a Bullish Flag which is illustrated in this analysis. The thick bottom line that follows the market price is the support line for Cardano. On the other side of the price is the resistance line. This flag is pointing downwards which is a strong signal that the price will break out as a bullish breakout. Since late December, when the price formed the current strong support at 0.2395, the price has begun a bullish trend where it has recently shown its potential to break this flag formation. If the price is to follow Fibonachi's indication, the price has the potential to reach the target at 6.0035
I hope this analysis was instructive and can be used for thinking about how the price trend can potentially fluctuate in the future.
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