- Cardano is attempting to break out of a descending flag pattern.
- Analysts project ADA could reach $1.13–$1.32 if the breakout holds.
- Long-term risk models suggest the Cardano bull run may still be in its early stages.
Cardano is gaining momentum with the possibility of a breakout above a key resistance level. A recent chart suggests a bullish flag breakout that could lead to higher prices. Analyst Lucky Luciano, for instance, points to a recent chart formation indicating a bullish flag breakout that could propel ADA prices higher.
In a tweet, analyst Lucky Luciano shared a one-day chart of Cardano and noted that the coin “seems to be in the right direction.”
Analyst Luciano Spots Potential ADA Bull Flag Breakout
Luciano’s chart notably shows Cardano forming a bullish breakout pattern. ADA had been trapped in a descending flag channel for several months. This consolidation pattern formed following a significant rally in late 2024 that lifted ADA’s price from below $0.40 toward $1.32.
The chart showed ADA moving above the $0.6816 level. This move puts it above the upper boundary of the downtrend, often interpreted as a signal that bearish pressure may be weakening. Meanwhile, ADA has surpassed this level, currently trading at $0.7121, after a 4.5% rise in the past day.
According to the technical analysis, the projected target range for ADA lies between $1.13 and $1.32. These levels correspond to the height of the previous rally and the measured move expected from a successful bullish flag breakout.
Related: Cardano (ADA) Price Prediction for May 9: Can Bulls Hold Above $0.70?
While the breakout is promising, the $0.31–$0.40 zone remains a strong historical support area. This range marked the beginning of the last significant ADA rally and may provide a cushion in the event of a retracement.
Gambardello Risk Model: Cardano Bull Market “Hasn’t Even Started”
In a similar analysis, crypto analyst Dan Gambardello shared a new risk chart showing Cardano’s current long-term risk level at 37, marked as a “Moderate Buy.” The chart highlights two major ADA rallies in late 2017 and early 2021, both preceded by similar low-risk zones.
Related: SUI Flips LINK, Sets Sights on Half of Cardano Market Cap as Price Continues Ascent
According to the model, Cardano is now in a comparable position, with an upward red arrow suggesting a potential breakout. Gambardello claimed, “The Cardano bull market hasn’t even started,” hinting that ADA may soon mirror past explosive gains.
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