An analyst has explained that based on a pattern forming in the Cardano price, a 32% rally could take place, if a close above this level can happen.
Cardano Has Been Forming A Descending Triangle Pattern Recently
In a new post on X, analyst Ali has talked about a Descending Triangle forming in the daily price of Cardano. The “Descending Triangle” refers to a pattern in technical analysis (TA) that, as its name suggests, looks like a triangle with a downward slope.
The pattern is made up of two lines, the first of which is a slopped line connecting lower highs in the price, while the second one is horizontal (that is, parallel to the time-axis) and joins together a series of lows.
The upper line of the pattern provides resistance to the price, so it can be a likely point of reversal for it. Similarly, the lower line may provide support, so bottoms can be probable at it.
A break out of either of these lines implies the continuation of the trend in that direction. This means that a br
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