Cardano’s Chart Screams Breakout as Descending Channel Break Signals 126% Rally to $1.65
Main Idea
Cardano (ADA) shows potential for a significant price rally, with analysts predicting a breakout that could lead to gains of up to 126%, driven by technical patterns and on-chain activity.
Key Points
1. Cardano has retested the $0.80 psychological price level, with analysts noting a breakout from a descending channel, signaling bullish momentum.
2. Market analyst Issifou Issaka suggests a potential upside target of $1.65, representing a 126% gain from current levels.
3. On-chain metrics provider Black Crayfish indicates growing market momentum, with ADA potentially rallying toward $1.30.
4. A breakout above $0.80 is seen as a key trigger for further bullish movement, attracting traders and algorithmic strategies.
5. Cardano founder Charles Hoskinson highlighted the Midnight Network’s Glacier airdrop as historic, with 250 million NIGHT tokens claimed in 24 hours.
Description
Cardano has retested the psychological price of $0.80, fueled by rising on-chain activity and pressure from descending channel resistance.
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