Cardano's Chart Screams Breakout as Descending Channel Break Signals 126% Rally to $1.65

Cardano has retested the psychological price of $0.80, fueled by rising on-chain activity and pressure from descending channel resistance.

Calling out this development, market analyst Issifou Issaka noted that the chart below confirms ADA’s breakout from a months-long descending channel, signaling a potential trend reversal.

The analyst added, “This bullish breakout opens the door to significant upside potential, with a theoretical target around 1.65 USDT, representing a possible +126% gain from current levels.”

Based on Issaka’s analysis, Cardano’s upward potential is the $1.65 zone.

Therefore, it’s without a doubt that a bullish picture is being painted in the ADA network with on-chain metrics provider Black Crayfish acknowledging that with growing market momentum, $ADA is nearing the $0.84 resistance, as technical strength and Q4 trends point to a potential rally toward $1.30.

The Significance of the $0.80 Level

At the time of this writing, Cardano was trading at $0.79, representing a 2.82% increase in the past week, according to CoinGecko data.

Analysts see a break above $0.80 as a key trend reversal signal, potentially paving the way toward targets as high as $1.30 or even $1.65, depending on market strength.

Why is this so? Well, psychological levels like $0.80 attract traders and algorithms alike, and a breakout often sparks strong bullish momentum.

Therefore, time will tell whether Cardano will soar to new heights, having reclaimed the $0.80 zone.

Meanwhile, Cardano founder Charles Hoskinson recently hailed the Midnight Network’s Glacier airdrop as historic, with over 250 million NIGHT tokens claimed across 11,000 wallets in just 24 hours, marking a record-breaking surge in engagement.