Cardano (ADA) traders are anticipating a potential breakout, with the cryptocurrency forming a bullish flag pattern that suggests a possible upward surge towards the $1 mark, according to analyst World Of Charts.

Top analyst Crypto Tony notes that ADA has been consolidating below a key supply level after a sharp decline in early March. This phase of decreased volatility and stable daily candlesticks indicates a balance between buyers and sellers. The critical support level to watch is around $0.4602, which has repeatedly held firm against further declines. On the upside, resistance is expected between $0.4700 and $0.4800, where selling pressure may dominate. ADA’s future largely depends on maintaining support at $0.4602; a breach could lead to further declines, while sustained support could drive the price higher.

Prominent analyst ZAYK Charts observes that ADA appears to be breaking out of a descending channel pattern on the 12-hour timeframe, indicating a potential reversal of the previous bearish trend. The breakout above the upper trend line suggests a shift in momentum, potentially turning previous resistance into support. A bullish projection targets a significant rise to approximately $0.2274, marking a 50.13% increase from the breakout point.

As of press time, Cardano's live price is $0.454052, with a 24-hour trading volume of $515,013,133. ADA has seen a 3.38% increase in the last 24 hours, fueling optimism among traders about its upward potential.