I can see a clear cup and handle formation for Cardano Price. Cup started to form early February 18 until end of April 18. Since beginning of May the Handle is forming. If this chart pattern to be valid the handle must not get lower than 50% of the cup (not lower than $0.25) and ideally should stay in the upper third of the cup.
This chart pattern needs confirmation in the next 1-3 days with prices pushing above $0.35-$0.36. The inital target is $0.60 (same length as depth of cup) after confirmation and should be reached very quickly as this is a very bullish chart pattern. Also the trading volume (decreasing volume in cup once prices went lower and then quickly rising once trend reversed to the upside).
So this may be an interesting trading opportunity, but be patient and wait for the confirmation (break of $0.35-$0.36 to the upside). You might realize half of your position at around $0.60 and hold the remaining for higher prices.
This chart pattern needs confirmation in the next 1-3 days with prices pushing above $0.35-$0.36. The inital target is $0.60 (same length as depth of cup) after confirmation and should be reached very quickly as this is a very bullish chart pattern. Also the trading volume (decreasing volume in cup once prices went lower and then quickly rising once trend reversed to the upside).
So this may be an interesting trading opportunity, but be patient and wait for the confirmation (break of $0.35-$0.36 to the upside). You might realize half of your position at around $0.60 and hold the remaining for higher prices.
Comment:
Although handle went lower than expected it stopped at 0.25 USD, exactly 50% of upmovement or depth of the cup and hence the chart pattern is still valid. Now prices must break the downward channel of the handle quickly within the next 24-48 hours. Wait for confirmation when price pushes through 0.30-0.32 USD then a short-term long-position could be opened with 1st target around 0.60 USD.