Cardano ADA Breaks Bullish Flag: Could $1.40 Be the Next Target?
- Cardano ADA breaks a major bullish flag pattern, hinting at a potential trend reversal and upward movement.
- Retesting the breakout zone, ADA aims to confirm its bullish strength by holding above key support levels.
- Upside targets for ADA are $0.7192, $1.0490, and $1.4022, with $0.3977 as a critical support level for validation.
Cardano (ADA) is making a significant technical move, and this coin is breaking out of a huge bullish flag pattern that has been forming since November 2024. Rose Premium Signals believes that this breakout indicates that ADA could soon witness a major trend reversal and a significant breakout to the upside in the forthcoming weeks.
The breakout is a significant break in the price action, and now ADA is again retesting that breakout zone, which should be acting as the new support level. This retest is important for verifying the underlying breakout strength. If price maintains or closes above this level, the bullish setup will be confirmed, and the price will be able to accelerate higher.
Source: X
Cardano (ADA) Bullish Upside Targets
Technical analysis indicates that Cardano has well-defined upside targets. The first target trades at $0.7192, where we should see a strong breakout above recent resistance levels. If ADA further integrates with the positive outlook, the second target at $1.0490 is active, and the higher target at $1.4022 enters. That would be the beginning of a more serious bull move for ADA when the crypto gets closer to its previous peaks.
Traders must nevertheless be careful of an invalidation of this bullish setup, however. Should the price close below $0.3977, it would weaken the existing bullish mood. This kind of price action may be a retracement or perversely a reversal back into a period of consolidation, which undermines the strength of the breakout.
Key Support Level for ADA
The movement of price of Cardano is catching the eye of traders and investors who are keen to see the coin continues to have strength and promise future gains. The emphasis is on ADAs performance in the next few days as it tries this new support level and whether it can hold above the breakout zone.
The breakout of Cardano ADA from the bullish flag pattern is positive news for the virtual currency. With clear targets on the upside, ADA might be entering a fresh bull run. However the main support area of $0.3977 will be crucial in determining the strength of the breakout. Investors will be paying as close attention as possible to any move of momentum higher or possible invalidation of the bullish setup.
Read More: Ripple and SEC Finalize Deal: $50M Penalty, Injunction Lift Expected Soon
Read more: https://www.tronweekly.com/cardano-ada-breaks-bullish-flag-could-1-40-be/
Text source: TronWeekly
