Cardano Price Breakout: Bull Flag Rally Points To Another 50% Surge

Scott Matherson

6 months ago

3 mins read

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Crypto analyst CoreCrypto has predicted that the Cardano price could enjoy a massive breakout soon enough. The analyst highlighted a bull flag-like structure that could cause Cardano to enjoy another 50% price surge.

Cardano Price Breakout On The Horizon

In a TradingView post, CoreCrypto stated that the Cardano price is showing strong bullish momentum and is breaking out from a bull flag-like structure, with a successful retest confirming this move. The analyst added that the support is holding firm, signaling a potential rally ahead. In line with this, he stated that now is the time to long ADA and accumulate more within this range.

For those looking to trade ADA, the analyst stated that the entry range is at the current market price and that they could add up to $0.98. Meanwhile, he set four targets for this long trade. The first target is $1.08, the second is $1.24, the third is $1.36, and the fourth is $1.49, meaning the Cardano price could enjoy up to a 50% surge from its current level.

Meanwhile, the analyst told traders to put their stop loss at $0.92. As to why this analysis matters, CoreCrypto stated that this setup points to a decisive bullish breakout for the Cardano price. With the confirmed retest and strong support levels, the analyst said it looks like an excellent opportunity for traders.

The Cardano price undoubtedly boasts a bullish outlook, especially since whales are actively accumulating ADA. This indicates that these investors are bullish on the crypto and expect future price increases. NewsBTC recently reported that whales bought over 130 million coins as demand for the crypto continues to skyrocket.

IntoTheBlock data also shows that ADA’s large transactions have surged by over 5%, which paints a bullish picture for the Cardano price. Meanwhile, the ‘Net Network Growth’ metric is also bullish at the moment, meaning that investors are actively using the Cardano network.

ADA Could Rally Up To $10 In This Bull Run

Crypto analyst Dan Gambardello has predicted that the Cardano price could rally up to $10 in this bull run. His prediction came as he discussed Cardano crossing the $1 milestone. He stated that now that ADA has crossed this price mark, it is great to see a consolidation and redistribution among holders.

Once this consolidation and redistribution phase is over, Gambardello believes that the Cardano price can focus on its rally to $5 and then $10. In an X post, crypto analyst Sebastian said Cardano looks promising. He predicts that a price breakout could happen soon, followed by a restest and then “moon.”

At the time of writing, the Cardano price is trading at around $1.06, up over 5% in the last 24 hours, according to data from CoinMarketCap.

Cardano price chart from Tradingview.com — ADA price still above $1 | Source: ADAUST on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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