Cardano breaks above a bullish flag pattern, suggesting that ADA might reach $1 in the coming weeks.
- ADA’s price increased by more than 8% in the last seven days. Most market indicators hinted at a continued price rise.
As the market condition started to get exciting with several cryptos registering green, Cardano [ADA] also didn’t disappoint.
In fact, ADA bulls entered the market as the token’s price broke above a critical resistance zone, hinting at a massive bull rally ahead.
Cardano breaks a barrier
CoinMarketCap’s data revealed that Cardano’s price had increased by more than 8% in the last seven days, as it gained bullish momentum on the 15th of May.
At the time of writing, the token was trading at $0.4848 with a market capitalization of over $17.29 billion, making it the 10th largest crypto.
However, the recent price pump wasn’t enough to allow the majority of ADA investors to earn profits. As per our look at IntoTheBlock’s data, over 58% of ADA investors were out of money.
But this scenario might change soon as ADA broke above a bullish pattern.
World of Charts, a popular crypto analyst, recently posted a tweet highlighting that ADA’s price broke above a bullish flag pattern that formed on its 8-hour chart.
As per the tweet, ADA was almost running on 10% profit, and the pump could allow the token’s price to surge by 100%. If that happens, then investors might witness Cardano touching $1 in the coming weeks.
ADA’s possible weekly target
The $1 target might be pretty ambitious in the short term. Therefore, AMBCrypto assessed ADA’s metrics to find where it is headed this week.
As per our analysis of Santiment’s data, ADA’s MVRV ratio improved, which can be inferred as a bullish indicator.
Its trading volume also remained high while its price surged, acting as a foundation for the bull rally.
However, Cardano’s velocity dropped last week. This meant that ADA was used less often in transactions within a set timeframe.
Source: Santiment
Most market indicators also hinted at a continued price uptick. For instance, ADA’s price remained above its 20-day Exponential Moving Average (EMA). The MACD displayed a clear bullish advantage in the market.
On top of that, the Chaikin Money Flow (CMF) registered a sharp uptick, indicating a further price hike.
Source: TradingView
Read Cardano (ADA) Price Prediction 2024-25
We then checked Hyblock Capital’s data to look for the target that ADA might reach by the end of this week. Our analysis revealed that Cardano would witness a massive hike in liquidation near the $0.492 mark.
Since high liquidations often result in price corrections, ADA’s might hit that level before slowing down for a bit. However, if it manages to break above that, then its price might touch $0.5 or $0.528 this week.
Source: Hyblock Capital
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