Welcome to this analysis about Cardano, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Cardano is one of the currencies in recent times showing up with not that strong exaggerated and protracted bearishness to the downside, this is why it also managed to somewhat hold its structure and form some moves to the upside within, besides that I discovered a decisive formation Cardano is now about to form that is likely to determine the upcoming movements and when Cardano shows up with the right price-actions this can lead to a great upside-breakout, therefore I detected all the important levels and likely destinies.
As when looking at my chart now we can watch there how Cardano is developing this main descending-triangle-formation marked in my chart in blue, furthermore Cardano has this coherent wave-count established within the formation already completing waves A to C in the structure and is now about to form the wave D that will move into the upper-boundary that is still resistance and therefore likely origin of the final wave E to the downside that will complete the whole wave-count and run directly into this main back-up-cluster marked in blue from where a bounce has good potentials and should be expected for Cardano to finally move on with the triangle-breakout and activation of further continuation.
Taking all these factors into the consideration now Cardano has established a very interesting formational structure from where it has the abilities to build up on when it manages to show up with the right price-actions. Therefore when this happens and Cardano manages to complete the whole formation with the breakout above the upper-boundary as it is marked in my chart, such a price-action will activate the upside targets marked in orange, when Cardano reaches out these targets the situation needs to be elevated anew and how Cardano continues to develop from there especially if there comes a bullish continuation right away or firstly a pullback which is really not unlikely in this case, it will be an interesting development.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.