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Cardano remains trapped inside the triangle pattern.

Cardano price is trading around $2.19. Price as we mentioned in our last analysis, was trading inside a triangle pattern. Best strategy in cases like this is to wait and be patient for the triangle breakout. The upper triangle boundary is at $2.32 while the lower boundary is at $2.16.

analytics61644c2359df5.jpg

Black lines - triangle pattern

Green lines - Fibonacci retracement

Cardano can continues its sideways movement inside the triangle pattern over the coming sessions. There is room to move around until the 15th of October. The latest date of a break out is at the 15th of October. So any time between now and the 15th, I expect Cardano to provide a trading signal. More aggressive traders would prefer to go long near the lower triangle boundary and go short near the upper boundary. Price has retraced more than 50% of the entire upward movement from $1 lows. The current price action with higher lows could be the start of a coming upward explosion towards new 2021 highs. However we need to remain patient. Front running the market is very risky.

The material has been provided by InstaForex Company - www.instaforex.com