Cardano Price Set for 50% Surge Amid Bull Flag Pattern
Crypto analyst CoreCrypto predicts a potential breakout for Cardano's price, indicating a possible 50% surge due to a bull flag-like structure.
Cardano Price Breakout On The Horizon
CoreCrypto noted on TradingView that Cardano is demonstrating strong bullish momentum and is breaking out from a bull flag structure. A successful retest confirms this move, with firm support suggesting a rally ahead. The analyst recommends accumulating ADA within the current range.
For trading ADA, the entry range is at the current market price, potentially adding up to $0.98. Four targets for this long trade are set: $1.08, $1.24, $1.36, and $1.49, indicating a possible 50% increase from the current level. Traders should place stop-loss orders at $0.92. This analysis suggests a decisive bullish breakout for Cardano, presenting a favorable opportunity for traders.
Whale activity supports the bullish outlook, with significant accumulation of over 130 million coins reported as demand rises. IntoTheBlock data indicates a more than 5% increase in large transactions for ADA, alongside positive metrics in 'Net Network Growth,' reflecting active usage of the Cardano network.
ADA Could Rally Up To $10 In This Bull Run
Analyst Dan Gambardello forecasts that Cardano could reach $10 during this bull run, particularly following its recent crossing of the $1 milestone. He emphasizes the importance of consolidation among holders before a potential rally to $5 and then $10. Analyst Sebastian also notes promising signs for Cardano, anticipating a breakout followed by a restest before further price increases.
Currently, Cardano trades at approximately $1.06, reflecting a 5% increase over the last 24 hours, according to CoinMarketCap data.
