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

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. 

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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. 

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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. 

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

Original Source: https://www.newsbtc.com/news/cardano/cardano-price-breakout-bull-flag/