Cardano continues to trade sideways.


Cardano continues to move sideways since the middle of September. Price has now formed a tightening triangle formation that implies that soon we should expect a break out. Price is still trading around $2.13.

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Black lines- Triangle pattern

Green lines - Fibonacci retracement

Cardano has resistance at $2.25 and support at $2.06. A break out of this range will provide a trading signal. If bulls are unable to defend $2.06, we should then expect Cardano to fall towards $1.60. If resistance at $2.25 is broken, we should expect price to push higher towards $2.75. I expect volatility to rise and price to make a breakout at the latest around mid November.




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Alexandros Yfantis
Analytical expert of InstaForex
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