After reaching a local peak of $1.30 in early December, Cardano (ADA) has entered a downward trend. Despite a Christmas holiday rally, the continuous bearish pattern has made investors reconsider Cardano’s future. Currently, the digital coin is in a descending channel, raising doubts about its ability to reach new highs in 2025. However, technical analysis suggests that Cardano’s price may hit its all-time high in 2025. A reverse head and shoulders pattern on the cryptocurrency’s chart could lead to an upward trend surpassing previous records. The key support level for Cardano is around $0.567. Maintaining this level could pave the way for price increases. Analysts predict a significant price increase after completing the right shoulder pattern by the end of 2024, potentially pushing Cardano’s price above $3.10, surpassing the previous record. Additionally, a 7.75% drop from the pattern’s neckline is usually recognized as a corrective move before a strong upward trend. At the time of writing, Cardano’s price has decreased by 2.33% to $0.85 in the past 24 hours, but its daily trading volume has surged by 50% to $891 million, indicating growing market interest in this cryptocurrency. Despite facing challenges in reaching a new record by 2025, market support and the mentioned upward pattern could set the stage for further growth in Cardano in the coming year.
