Is Cardano Dead? Analyst Says No – ADA Price Is Quietly Building Toward a New ATH Explosion
Crypto Patel posts interesting analysis on various coins to his 74k followers on X. Yesterday, he decided to update his Cardano price outlook.
Today, Cardano is up 2%, trading around $0.65. But let’s see what Patel’s ADA chart is telling us.
Patel’s analysis shows ADA trading in an ascending parallel channel since 2023. This means the price has been making higher lows and higher highs within two parallel upward-sloping lines. This current pattern looks very similar to what happened from 2019 to 2021, meaning history might repeat itself.
ADA currently trades around $0.64, sitting in the middle-upper part of this channel. The chart shows strong support between $0.55 and $0.45, where the price has bounced several times recently. These support levels appear solid based on previous market reactions.
What makes Patel’s outlook interesting is the rounded base structure forming within the channel. This is usually a good sign that suggests a bullish reversal might be coming after this long period of sideways movement.
Building Toward Higher ADA Targets
Patel identifies several key price levels ADA needs to break through. The first major hurdle is $1.17, where the price was rejected earlier this year. Beyond that lie the $2.50 and $2.93 levels, which stopped the price from going higher during the 2021 bull market.
The most exciting part of Patel’s forecast is his projection that ADA could eventually break past $5 and possibly reach $7 or higher. This would be a new all-time high, surpassing the previous record of about $3.10 set in 2021.
Before this potential surge happens, Patel thinks ADA might make one last dip to around $0.45-$0.50. He sees this as possibly the final major buying opportunity before a significant move upward.
Read also: All Eyes on ADA Price: This Cardano Chart Pattern Screams Bullish Breakout
“ADA Isn’t Dead – It’s Loading”
The range between $0.45 and $0.65 has been an important accumulation zone according to the chart. The multiple touches at these levels, long price wicks, and extended sideways movement suggest many investors have been quietly building positions here.
Patel directly challenges the idea that “Cardano is dead” which some critics have claimed during this long consolidation period. Instead, he views the current price action as a loading phase before a potential explosive move upward.
For short-term targets, Patel points to $1.17 as the first important level to watch. If ADA can break above this and turn it into support, the path might open toward $2.00 and then $2.50 at the upper boundary of the channel. Long-term, he sees potential for $4-$6, with an ambitious target exceeding $7 if the pattern completes as projected.
The main message from Patel’s analysis is that patience could pay off for Cardano holders. If Bitcoin continues its upward trend and ADA follows the projected path, people buying at current prices might see substantial returns as this market cycle matures and the structure plays out as anticipated.
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