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Cardano breaks out of the triangle pattern.

In our previous posts about Cardano price action, we noted that price was expected to break out of the triangle until October the 15th the latest. Price today broke below the lower triangle boundary and provided us with a bearish signal.

analytics6165e6207d8f8.jpg

Green lines - Fibonacci retracement

Black lines - triangle pattern

Cardano is trading at $2.12. Price is now below the lower triangle boundary. Support is found at the 50% retracement at $2.03 and failure to hold above this level will be another bearish signal. Price is now vulnerable to a move towards $2.03 and lower as long as price is below $2.35. Bulls need to break above $2.35 in order to regain control of the trend. The triangle break down in Cardano has potential to push price towards $1.70. However we need to keep a close eye on the 61.8% Fibonacci retracement which is key support.

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