Triple bottom on Cardano appears to be triggering; target= $2.79

We can see Cardano is confidently above the neckline of the triple bottom now, and barring any crazy unforeseen black swans it should continue it’s bullish impulse tot he triple bottom breakout target around $2.79-$2.80. The next bullish impulse should send price action to that zone, although it may attempt some sort of brief cup and handle formation on the way there. This TA aligns perfectly with Charles Hoskinson’s announcement of Cardano’s smart contract date.

Note

One thing lacking that we should already be seeing with he massive candle that broke above the neckline of the triple bottom was a big bullish volume candle to go with it. The fact that we didn’t see one does give some pause for concern and make me think there’s a slight chance we could find a way tor test that area as solidified support before reaching the breakout target in full. However, it is such a huge green candle that it may not need the backup reinforcement from a volume candle.

Note

We are now retesting the neckline and thus far its still acting as support. So far a good sign.

Note

Target hit!

DrDovetail

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DrDovetail