Cardano has been on the move lately, with the price of ADA surging 30% in the last week. This spike follows years of retrenchment. It comes on the heels of a breakout from the lower trendline of a long-term ascending channel pattern. According to technical analysis and expert opinions, there is potential for much more, potentially reaching its all-time high and beyond.
Ever since the beginning of H1 2019, Cardano has been trending within a clearly defined ascending channel. This pattern consists of two ascending trendlines which act as support and resistance. More than anything else, it overwhelmingly sends a clear bullish signal in the long-term. Earlier this year, Cardano’s price fell to the channel’s bottom side. It did recover strongly to return above $1 in Q1 2025.
After some turbulence during the last week of June, Cardano entered a correction that drove its price down near the bottom trendline of the channel. Before this latest breakout Cardano was largely trading sideways in the range of $0.5 – $0.6. The past 30% price hike is a breakout from this extended consolidation zone.
The major single-day move continues to highlight the optimistic sentiment that is brewing these days around Cardano. Joao Wedson, the founder and CEO of Alphractal, is enthusiastic about Cardano. He mentioned the larger ascending channel pattern that can be seen on the cryptocurrency’s daily price chart. Wedson’s analysis indicates that Cardano has the potential to beat its current all-time high of $3.09.
