Could Cardano Bulls Push Past Pennant To $2 Resistance?!Cardano made an impressive 315% gain from the Low on Nov. 4th/5th @ .32 to the High on Dec. 3rd @ $1.32 following the Pro-Crypto Republican won Presidential Debate with not only BINANCE:ADAUSD seeing this kind of Rally but across the entire Crypto Market!
Since that High, Price on Cardano has slipped into a Consolidation of what seems to be a Pennant Pattern with Lower Highs working into Higher Lows.
Both Legs of this Triangle still need a 3rd Touch to Validate the Integrity and Existence of both Trend-lines. I would like to see Price make a 3rd Touch of the Rising Support around the ( .95 - .93 ) Range before moving back up to test the Falling Resistance.
If Bulls are able to gain enough Support from the Rising Support, it could be enough to give them momentum to make a Bullish Break to the Falling Resistance and based from the Pattern Statistics:
- Generate an Extension of the same size of Trend move that came prior to the formation of the Pattern called the "Flagpole" putting the Potential Extension of Price into the $2 Resistance Zone!
**Caution: Triangle Patterns are known to fail 1/3 of the time so a Bearish Breakdown of this pattern is still possible. Watch for False Breaks/Breakouts!
