Cardano Poised for Potential Breakout as Bullish Flag Pattern Emerges
Cardano (ADA) is showing signs of a potential breakout as it moves above a key resistance level, with analysts suggesting a bullish flag pattern may drive the price higher.
Lucky Luciano highlighted a recent chart indicating ADA could see upward momentum after breaking free from a descending price channel that followed its late 2024 rally from below $0.40 to over $1.30.
With ADA recently surpassing the $0.6816 mark, it signals a weakening of bearish pressure. Currently priced at $0.75, ADA has gained 14% in the last 24 hours.
Technical forecasts suggest a target range of $1.13 to $1.32 if the breakout continues. However, the coin’s journey isn’t without challenges, as the market will closely monitor for any signs of retracement.
While a breakout looks promising, the $0.31–$0.40 range remains a strong support level in case of a pullback. This zone, which marked the beginning of ADA’s previous rally, may provide a cushion for the price. Analysts are watching for signs that Cardano can hold above this level to confirm further upward momentum.
Meanwhile, Dan Gambardello’s analysis shows Cardano in a “Moderate Buy” risk zone, similar to past periods before significant rallies, hinting that ADA’s bull market may still be ahead. With low-risk conditions and a favorable outlook, many believe Cardano could see significant growth in the near future as the broader market begins to gain traction.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
