Top Analyst Says Cardano Is Heading in the Right Direction, Shares Next Likely Breakout Target

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. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.