FX.co ★ Cardano breaks above the $1 price level.

As we mentioned in previous posts, Cardano was showing bullish reversal signals. Price recently broke out of a downward sloping wedge pattern and despite trading inside a medium-term bearish channel, we anticipated a move towards $1.

Black lines -bearish channel

Cardano is now trading around $1.04 and has also broken out of the medium-term bearish channel. If the break out is confirmed we could see a strong move higher towards $1.60. This target has been mentioned before in our analysis when price initially broke out of the wedge pattern. Short-term trend is Cardano has changed to bullish and there are increased chances of a medium-term trend change also.