FX.co ★ Cardano approaches $1 after bullish signal.

Cardano recently broke out of a downward sloping wedge pattern providing us with a bullish signal as we mentioned in our previous analysis. Cardano price is rising towards $1.

Although technically trend remains bearish as price continues to trade inside the bearish channel. Cardano has given us bullish signs of this coming bounce. Price is expected to continue higher towards the upper channel boundary that is key resistance at $1. As we mentioned in our previous post, bulls need to capture the $1 price level and stay above it in order to confirm a break out. If the break out is confirmed, we should next expect Cardano to rise towards $1.60.