$ADA Price Set for 77.68% Breakout As $BTC Nears ATH
Cardano price is set for a rally that could see a 77.68% breakout on the heels of its cross-chain update which aims to unlock smart contracts and DeFi on Bitcoin.
Moreover, the price action also comes on the background of Bitcoin’s recent performance, where the leading asset is only 2% away from its previous all-time high.
Cardano price experienced a significant downturn, declining approximately 56.54% from its March 3 peak of $1.176 to a low of $0.5111. This correction signaled a bearish trend that persisted over several weeks.
Only recently did Cardano’s price action start showing signs of recovery after flipping the $0.5111 level into support and rallying to a local high of $0.8650 where it faced rejection.
While the price has since undergone a slight correction to $0.75655, an ascending channel has formed that suggests renewed bullish momentum.
Moreover, the $0.6432 price zone which had previously acted as a barrier is now a key support level.
This shift in price momentum suggests accumulation, though a confirmation will require a decisive move past $0.86510.
Should Cardano price clear that resistance, it opens the door for a continued rally toward its previous high of $1.3275, last reached in December 2024, a move that represents a 77.68% upside.