Cardano (ADA) Retests Key Resistance at $0.76 for Potential 85% Rally

Cardano (ADA) Retests Key Resistance Level

Cardano is attempting to break out of a crucial resistance level after a recent drop to the $0.70 support. The cryptocurrency has increased by 8.8%, retesting the $0.74-$0.76 area this week.

ADA has traded between $0.65-$0.85 since Q2, briefly losing this range in June.
July market activity saw ADA reach a four-month high of $0.93.
Current downtrend includes multiple retests of the $0.76 zone.
Analyst notes that repeated tests increase the likelihood of breaking through.
Reclaiming the 50-day Moving Average is crucial for a potential breakout.
A successful breakout from $0.76 could lead to retesting $0.79-$0.80.
A rejection may push ADA back toward recent lows.

Potential for Significant Rally

Analysts suggest that reclaiming $0.76 could set ADA on a path to $1.30, with potential rallies estimated between 85%-120% if breakout is confirmed.

ADA must remain above the last swing low at $0.685 to continue upward momentum.
The cryptocurrency has been in a descending channel since its December 2024 high of $1.32.
Recent activity indicates a possible early phase of a significant price move.
Currently trading at $0.74, representing a 3% daily increase.