Cardano could be possibly starting the next impulse

The start of the new impulse cycle could be said to have started in March 2020 continuing to a final high in July 2020 being pushed by huge positive sentiment and the release of Shelley. Since then Cardano has retraced significantly to around the $0.075 which held as a support during June 2020. The positive move from this level has since seen Cardano moving higher and meeting a resistance at both the 50 EMA and the 0.382 Fibonacci retracement level at $0.1. Recently we have broken both resistances with volume maintaining a level and picking up again. This suggests we could be seeing the start of the next impulse wave higher with a possible target of a 1:1 extension at around $0.2 which is a rounded psychological level or possibly extending to the 1:1.618 extension level of around $0.28.

Komentar:

Continued break above has now been proceeded by a reset of the 50 EMA. A bounce here and continuation upward will support the move with a sustained break below the 50 EMA likely to invalidate the breakout