Cardano provides bullish signal.

The cryptocurrency space is in a bullish mode over the last few days with most cryptocurrencies pushing higher. Cardano is no exception. Price broke above the key downward sloping resistance trend line and provided us with a bullish reversal signal.

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Red line - resistance

Green lines- Fibonacci retracements

Cardano is reversing from the $1.84-$1.90 area where we also find the 61.8% and 50% Fibonacci retracement levels. Price has broken to new short-term highs and above the red resistance trend line. As long as price is above $1.84, we will consider the low made on October 27th as a major low and that a new upward move has started. There is potential for Cardano to break above its all time highs to new all time highs.





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Alexandros Yfantis
Analytical expert of InstaForex
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