As stated by CoinMarketCap data, Cardano is down nearly 9% in the last 24 hours at $0.50. The bulls locally capitulated after an unsuccessful attempt to push the price above $0.613 on May 16.
On the daily chart, the pullback from Nov. 9, 2021, high of $2.38, and the recovery in late March followed by another round of declines resembles a “Cup and Handle” pattern.
The “Cup and Handle” pattern is a bullish pattern that resembles a cup with a handle, where the cup is in the shape of a “u” and the handle has a slight downward drift. The consolidation period is captured within the handle, which is usually followed by a breakout. The target for the cup-and-handle formation is the height of the cup, plus the breakout point of the handle.
In this quest to gain strength, Cardano bulls might need to squash the horizontal barrier near the daily MA 50 at $0.85. Above that, another barrier is located at the daily MA 200 at $1.19. Rising above these constraints might imply a 100% rally for the eighth largest cryptocurrency, Cardano.
Cardano lately found support for reduction near the $0.39 level. Otherwise, if a retest of this level is necessitated in the coming days and the resilience of this support is confirmed, a new high might be attained soon.
Cardano’s IOHK shares growth updates
Cardano’s parent company, IOHK, has shared information about the most important updates to the Cardano ecosystem, including listings, testnet launches, migrations, partnerships, and more.
A thread included information about a series of projects concentrated on developing a variety of solutions. The AadaFinance testnet went live in the past week. The Indigo protocol also launched its private testnet.
Earlier in the week, the Cardano flag reached the summit of Mount Everest, for which Charles Hoskinson, Cardano founder, praised the dedication of the Cardano community, saying, “We got marketing, It now has three million members and is growing.”