“Cup and Handle” is a bullish pattern that resembles a cup with a handle.
According to data from CoinMarketCap, Cardano is down almost 9% in the past 24 hours to $0.50. After a failed attempt to push the price above $0.613 on May 16, the bulls surrendered locally.
On the daily chart, a pullback from November 9, 2021, a high of $2.38 and a recovery in late March looks like another round of decline “Cup and Handle” Sample.
Cup and handle…. pic.twitter.com/KIDqxDWY3B
— Peter Nierop (@nierop_pieter) 18 May 2022
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 spurt. The consolidation period is captured within the handle, which is usually followed by a breakout. The goal of making a cup-and-handle is the height of the cup, as well as the breakout point of the handle.
For this pattern to gain strength, Cardano bulls may need to break a horizontal barrier near the daily MA 50 at $0.85. Above this, another hurdle is located on the daily MA 200 at $1.19. A rise above these hurdles could lead to a 100% rally for the eighth largest cryptocurrency, Cardano.
Cardano recently found support for a downside break near $0.39. Otherwise, if a retest of this level is necessary in the coming days and the resilience of this support is confirmed, a new high could be achieved soon.
Cardano’s IOHK Shares Growth Update
Cardano’s parent company, IOHKhas shared information about the most important updates to the Cardano ecosystem, including listing, testnet launch, migration, partnerships, and more.
Cardano’s ecosystem is growing at a remarkable rate. Place Builders Across the Community #buildingoncardanoAnd the partnership and connection between the various projects continues…🧗
Here’s a brief summary of last week’s highlights #cardano universe
– Input Output (@InputOutputHK) 19 May 2022
One thread contained information about a variety of projects focused on developing different solutions. The AadaFinance testnet went live in the past week. Indigo Protocol also launched its own private testnet.
Earlier in the week, the Cardano flag reached the summit of Mount Everest, to which Cardano founder Charles Hoskinson praised the dedication of the Cardano community, saying, “We got the marketing, now it has three million members and it’s growing. “