Conclusion of today’s Cardano Technical Analysis:
Price closing above 0.00001336 confirms the formation of a bottom reversal pattern, and therefore implies more upside momentum for Cardano.
Cardano analysis is carried out using a logarithmic scale, covering over 6 months of price action i.e. (July 15, 2018 to current date). Recognizing chart patterns early, their implications and use to make profit is further discussed here.
Major attention is paid to the bottoming price action starting from September 23, 2018 to date as highlighted on the chart using a red curve.
Current proposal is for the formation of an inverted head and shoulders pattern (or head and shoulders bottom) which is ideally bullish. The point of invalidation of the pattern is price closing below 0.00000839.
It is also important to keep in mind that the aforementioned reversal pattern is not yet confirmed and would require Cardano to close above the neckline (0.00001336).
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