Cardano (ADA) Surges 3.2% as Bullish Flag Pattern Emerges

Cardano (ADA) has recently formed a bullish flag pattern on its 3D chart, indicating a potential continuation of its upward trend. This technical pattern is often seen during phases of trend continuation and is supported by various developments within the Cardano ecosystem, strong community engagement, and rising social momentum. Currently, ADA is trading at $0.6315, with growing attention focused on its next move.

According to Crypto Mullah, a crypto analyst, ADA is currently shaping a bullish flag pattern on the 3D chart, which is typically a sign of trend continuation. The Relative Strength Index (RSI) for ADA stands at 58, indicating balanced momentum without overbought conditions. Additionally, the MACD line crossed above the signal line on June 14, signaling growing upside momentum. Volume trends also reflect renewed interest, with ADA’s 24-hour trading volume reaching $320 million, surpassing its seven-day average.

ADA’s price has increased by 3.2% in the last 24 hours, with key support holding above $0.6176. The breakout target based on the current flag pattern could place ADA near the $1.50 mark, as suggested by a recent observation from World Of Charts.

Cardano’s rise in market engagement is supported by strong DeFi metrics and staking activity. On-chain data shows a 10% increase in staking deposits since June 12, and over 70% of ADA’s circulating supply is currently staked. These figures indicate growing confidence among holders. Social media platforms have also seen a spike in Cardano-related activity, with ADA mentions increasing by 25% over a 24-hour period. This surge in social media activity is largely due to founder Charles Hoskinson’s treasury proposal and ADA’s growing DeFi presence.

Institutional signals remain positive, with a 75% chance of approval for Grayscale’s ADA ETF, which may further support ADA’s mid-term breakout potential.