Trading Opportunities and Positive Momentum

During the previous week, Cardano's price movements aligned precisely with the analysis. By surpassing the upper boundary of its descending channel within the 4-hour time frame, the price surged towards the resistance level of $0.3863. However, encountering this resistance prompted a corrective phase, leading the price to retrace back to the upper boundary of the breached channel. Notably, the Cardano chart exhibited responsiveness from both ends, allowing for short-term trading opportunities amid upward and downward fluctuations.

Significantly, a notable bullish candle emerged yesterday, demonstrating a 3.80% price increase and forming an Engulfing candlestick pattern on a support level. This development bodes well for Cardano's outlook. Nevertheless, a more substantial price growth is expected upon a complete breach of the aforementioned resistance. The potential for such a breakthrough remains intact as long as the lower boundary of the channel, situated around the $0.3485 range, remains intact.