Chart Shows Cardano to Hit New All-Time High of $4 by the Year-end Despite Current Dip
- topcryptonews
- Aug 29
- 2 min read
The sentiment that Cardano could still reach a new all-time high this year remains high in the ADA community despite the recent price decline.
For context, Cardano continues to decline alongside the broader market. ADA reverted to the trend after a rally to $1.02 earlier in August, which saw it play contrarian to the bearishness at the time.
With Bitcoin hitting new lows, Cardano has followed suit, dropping 5% in the past 24 hours to its current price of $0.830. As a result of this decline, those who bought ADA at the start of the year are currently unprofitable, with a 3.8% year-to-date loss.
The account shared a technical analysis of the token to back this claim. The chart indicates that the $4 price mark is one of the Cardano targets if it reclaims the tip of an ascending channel on the 4-day timeframe.
For context, ADA currently trends within a rising wedge, a structure it formed from its lows of $0.22 in June 2023. Meanwhile, its last rally to the channel’s upper boundary in December 2024, when it reached $1.32, formed a descending resistance neckline.
Notably, the trendline was responsible for the rejection seen in August 14’s rally to $1.02. As Cardano consolidates following the rejection, the chart highlights that its next support lies around the channel’s lower boundary, slightly below the 0.50 Fibonacci retracement at $0.5424.
Cardano to $4.14 This Year
According to the analysis, Cardano is expected to rally to $4.14 by the end of this year, aligning with the upper trendline of the ascending wedge. From the current market price of $0.830, the rally to the new all-time high represents a 399% growth.
Notably, the target aligns with the 2.00 Fibonacci extension in the accompanying chart. Before the price mark, the analysis highlighted prior targets, including $1.47, $1.79, $2.47, and $3.10. However, ADA needs to stay above the support level at $0.51 to keep the prospect of a price increase alive.
Interestingly, some members of the Cardano community expect higher prices. In response to Minterm’s post, proponent Rulo believes that ADA will rise much higher to $10 this year. He shares this sentiment with several other market analysts, including Cardano permabull Dan Gambardello and stake pool operator Ssebi.
