Cardano’s price has reverted to positive territory, denying the sell-side any more influence.
It’s very likely that the market will break out to fresh all-time highs soon.
There isn’t much resistance ahead, but bulls should be cautious.
Cardano’s pricing has been unable to benefit from the gains made by its nearest competitors, Bitcoin and Ethereum. As a result, Cardano has had to deal with extremely narrow and difficult trading ranges, but that may be changing shortly.
The price of Cardano is aiming for a breakthrough over $2.45.
On its $0.05/3-box reversal Point and Figure chart, Cardano price shows a highly bullish setup. Three things happen at the same time if a new column of Xs appears and strikes the $2.45 entry. A double-top is first shattered, which confirms an entrance signal. Second, the entry verifies that the Bear Trap Point and Figure pattern is complete. Finally, the $2.45 entry represents a breakout above the bear market’s dominating angle.
Cardano price might be entering a new bullish expansion phase as a result of the breakout. The horizontal profit target approach in Point and Figure analysis is used to set the initial breakout goal. The opening range is $4.05, which would be a new high.
The present trading environment, on the other hand, is still heavily negative. As a result, the Cardano price must stay above the $2.05 value zone. If it fails to sustain $2.05 as support, it will most likely revert to the $1.80 trading range.
Bulls should be wary that any breakout around the prior swing high and high volume node at $2.80 will face some resistance. While the breakout’s momentum may make any near-term resistance moot, $2.80 has consistently been a source of concern for Cardano, and it would be strange if it didn’t present some resistance in the future.