FX.co ★ Cardano continues higher at the start of the week.

Last week we talked a lot about Cardano and the bullish mode it was in. Price has surpassed the $1 level since the bullish signal from the wedge pattern breakout and is heading towards our major target of $1.60. There is still a lot of room to cover, but the chances favor such a rise.

Black line -Fibonacci retracements

Cardano is approaching $1.20. Price is still below the 23.6% Fibonacci retracement. The start of the wedge pattern is at $1.60 where we also find the 38% Fibonacci retracement level. Ideally Cardano will make a pull back and then continue higher towards the $1.60 target. In the short-term price is at overbought levels, but the uptrend doesn't seem to be weakening. A short pull back is justified but it is not necessary.