Cardano Breaks Out of Downtrend With Eyes on $2.90 After Bull Flag Surge
By: cryptofrontnews|2025/05/11 04:00:16
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Cardano breaks multi-month downtrend, targeting $1.30 with eyes on $2.90 long-term.Over 74% of ADA supply is in profit as trading volume surges past $1.7 billion.Falling wedge and bull flag patterns signal strong reversal and bullish momentum.Cardano (ADA) is showing renewed strength as it moves above key resistance levels and displays a breakout from multi-month downtrend patterns. With momentum building across altcoins, ADA appears to be setting up for a breakout that could potentially push it toward the $2.70–$2.90 range, more than 240% above current levels.Technical Structure Supports Further Upside Toward $1.30 and BeyondAccording to a statement by Sssebi via X, ADA closed a daily candle above a descending channel trendline, marking the beginning of a breakout. The immediate targets mentioned are $1.00 and $1.30, which, if broken, could open a path to retesting its all-time high of $3.10.Source :Sssebi(X)On the 4-hour chart shared by analysts, ADA broke out of a bullish flag pattern near $0.7452, reaching $0.80. The breakout occurred with rising volume and confirmation from the 200-day moving average crossover. The Relative Strength Index currently hovers around 64, showing healthy momentum without being overbought.https://twitter.com/JavonTM1/status/1920974323407352210TradingView data also indicates a completed falling wedge breakout, typically seen as a reversal pattern. The breakout projection gives ADA potential to reach $1.13, $1.36, and even higher in the coming months.On-Chain Activity and Market Sentiment Back the MoveAccording to on-chain data from Santiment, 74.14% of ADA’s circulating supply is now in profit, totaling approximately 26.91 billion tokens. This suggests strengthening confidence among holders. Coinglass also reports that trading volume rose by over 97%, with daily turnover exceeding $1.7 billion.Source :TapTools(X)TapTools noted that ADA is currently the second most distributed asset behind Bitcoin, reinforcing growing decentralization and a broad investor base. Cardano also featured on CNBC’s “Crypto World,” pointing to wider recognition among traditional investors.If the current trend continues, and ADA breaks above $1.30, the next major resistance lies near $2.70–$2.90. Analysts point to this range as a major target, reflecting a potential 243% upside from current levels.The post Cardano Breaks Out of Downtrend With Eyes on $2.90 After Bull Flag Surge appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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