• Cardano (ADA) confirms a bullish flag breakout, signaling strong continuation potential after a consolidation phase.
• A retest of the breakout region was successfully sustained, lowering chances of a false breakout and confirming bullish continuation.
• Price target set around $1.80–$1.84, offering upside potential of over +114% from current levels.

Cardano (ADA) is set for a breakout as the entire crypto market is turned bullish due to BTC’s upward momentum. ADA has broken out from the bullish flag pattern, and a successful breakout could pave the way to $1.80.

At the time of writing, ADA is trading at $0.8846 with a 24-hour trading volume of $1.23 billion and a market capitalization of $31.64 billion. The ADA price over the last 24 hours is up by 1%, and over the last week it is also up by 7.85%.

Source: CoinMarketCap

Also Read: ADA Momentum Builds: Will Cardano Break Past $0.92?

Cardano (ADA) Bullish Flag Breakout Signals $1.84 Target

According to the crypto analyst Clifton Fx, a top bullish indication for the ADA market arrives via the 3-day chart confirmation of a breakout through a bullish flag pattern. 

That classic continuation formation typically precedes the continuation of an uptrend following a period of consolidation. Success on the break upwards confirms buyers are re-establishing control following a slump in momentum.

Adding weight to the signal, the breakout region has already been retested and sustained convincingly. Retests are held paramount within the field of technical analysis, since they tend to confirm whether or not a breakout is real or liable to fail. 

The fulfillment of this retest suggests lowered chances of a false breakout and fortifies the argument for a sustained breakout upwards.

Source: X

Cardano recently broke out above a bullish flag after an extended consolidation phase, similar to the one seen late in 2023 that initiated a strong rally. Based on the measured move, the approximate target is $1.84, which provides the potential for about +114.87% up from the current level. 

If the ADA is able to carry the pressure above the resistance trendline, the setup provides the potential for a very bullish continuation.

Cardano (ADA) Derivatives Show Bullish Momentum

The ADA derivative market shows ongoing momentum. Open interest grew by 3.61%, up to $1.78B, reflecting steady growth of market positions. Trading volume, meanwhile, dropped by 6.41%, down to $2.53B, reflecting lowered activity even with accumulated open contracts.

Source: Coinglass

The OI-weighted funding rate is 0.0114%, revealing a slight long-side bias for perpetual futures. Though not big, the positive rate signifies that the longs are paying the shorts, and that is an indication of mildly bullish sentiment within the market.

Source: Coinglass

Also Read: Cardano (ADA) Price Eyes $1.47 to $1.79 After Strong Market Momentum