In our last Cardano forecast, we wrote that a new pattern was discovered on the chart. This pattern was a descending triangle, which is why we assumed that the Cardano price will fall a little lower. We expected a descent to the next support of $0.40, however, the course has decided quite differently. The short-term breakout from the descending triangle was just a so-called fake breakout, which is why the price rose to about $0.69 a short time later. After that, the price dropped a little, however, this is not necessarily bearish. We at CryptoTicker analyze the Cardano price for you today and evaluate whether the price will rise or fall.
Will Cardano rise?
The Cardano price was recently able to break the former resistance of $0.60. A short time later there was already the first correction. During this correction, the price confirmed the break of the resistance of $0.60, thus recognizing the level as support. Since this has now happened, we assume that the price will rise again next. In the 4-hour chart, the price is already forming bullish candlestick patterns, which is why we assume that the price may rise slightly in the next few days. We also expect the current week to be bullish.
The Bitcoin price also seems to be developing positively. Again, we expect bullish reactions of the course. You can find a current Bitcoin forecast in this article (click here).
How far will Cardano rise?
How far the Cardano price will rise depends entirely on the strength of the bulls. If the bulls break the resistance of $0.69, which cannot be said so far, we assume that the Cardano price will rise to $0.765. However, we feel that an increase to $0.69 is highly likely, which is why you could now invest in Cardano to sell at about $0.69 in retrospect. This would generate over 10% profit.
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