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Cardano forecast – new pattern discovered in the chart! When to invest?

 


The Cardano course has been able to form a descending triangle in the last two weeks. Such triangles are usually used for a trend continuation, which is why the price has collapsed again by more than 16%. We expect a retest of the old support at $0.49 in the next few days to confirm the breakout of the triangle. Then it could go south again. Since the triangle is a trend continuation formation, we anticipate that the price will not experience a trend reversal in the next few days or week.

The target of the descending triangle is around $0.3972. There is roughly the low of the last crash and horizontal support. As the price finds double support there, once from the horizontal support and from the triangle target, we expect the price to rally once it reaches $0.40. If the price finds enough buyers, a double bottom formation could occur. This could also help again so that the bulls come back. Based on this data, we think that investing at $0.40 might be worth investing in Cardano.

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