Cardano (ADA) Flashes Bullish Flag Pattern, $1.80 Price Target Now in Sight
- Crypto analyst Lucky Luciano predicts Cardano could break out, targeting $1.30 to $1.80 levels.
- Whales accumulated 240M ADA, increasing total holdings to 3.27B, signaling strong investor confidence.
- ADA trading at $0.7698, eyeing $0.7923 EMA resistance; RSI at 52.27 hints at bullish momentum.
Cardano (ADA) is flashing signs of a potential major move, with prominent market watchers hinting at a bullish breakout. Crypto analyst Lucky Luciano, who boasts 2.2 million followers, shared an optimistic take on ADA, citing strong fundamentals and increasing adoption.
Lucianos analysis points to ADA forming a bullish flag pattern, a technical setup that often precedes a price surge. Historically, ADA has faced resistance at the upper boundary of this pattern, but a successful breakout could see the token pushing towards the $1.30 level. If momentum holds, it may even extend gains to $1.80.
Adding to this bullish narrative, crypto analyst Ali Martinez revealed that whales have been aggressively accumulating ADA tokens. Over the past week alone, large investors have purchased 240 million ADA tokens, pushing total whale holdings to 3.27 billion. The growing interest from these major players indicates confidence in Cardanos future price performance.
Cardanos Current Price Action & Levels to Watch
At present, Cardano is trading at $0.7698, marking a 3.37% increase for the day. The daily trading volume has also surged by 7.58% to $1.02 billion, reflecting heightened investor interest. Over the past seven days, ADA has gained 7.33%, with its market capitalization now standing at $2.06 billion.
From a technical standpoint, ADA is attempting to break above the 100-day Exponential Moving Average (EMA), currently positioned at $0.7923. This level has been a crucial resistance point in recent weeks. A successful move past this threshold could open the door for ADA to test the $0.9706 resistance, a key level last seen in early March.
On the downside, ADA has shown resilience, maintaining support above $0.60. This suggests strong accumulation at lower levels, reinforcing the idea that investors are buying in anticipation of an upward move.
Momentum Indicators Hint at a Bullish Shift
Momentum indicators further support the case for a potential ADA rally. The Relative Strength Index (RSI) currently sits at 52.27, slightly favoring the bulls but still in neutral territory. If the RSI moves above 5560 in the coming days, it could confirm a stronger bullish trend.
Additionally, the Moving Average Convergence Divergence (MACD) indicator is showing early signs of a bullish crossover. The MACD line has overtaken the signal line, while histogram bars have started turning green. This shift indicates a possible trend reversal after a period of consolidation.
With both the RSI and MACD hinting at growing momentum, traders are watching for a confirmed close above the $0.79$0.80 range. If ADA breaks through this resistance, the next target zone could range from $0.90 to $0.97, potentially setting the stage for a move beyond $1.
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Read more: https://www.tronweekly.com/cardano-bullish-flag-pattern-eyes-1-80-target/
Text source: TronWeekly
