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.

Crypto trader Crypto Patel is known for sharing interesting analysis on various coins with his 74k followers on X (formerly Twitter). Recently, he decided to provide an update on his Cardano price outlook, which is becoming increasingly interesting.

Today, Cardano is up 2%, trading around $0.65. But let’s see what Patel’s ADA chart is telling us.

His 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, which might hint that history could repeat itself.

ADA is currently trading at around $0.64, placing it in the middle-upper part of this channel. The chart highlights a strong support zone between $0.55 and $0.45, where the price has shown resilience in bouncing back from impacts. These support levels appear quite durable to judge by the market's reactions.

What makes Patel’s outlook unique is the rounded base structure forming within the channel. This formation is usually a good omen, suggesting a bullish reversal might be on the cards after this prolonged period of sideways movement.

Building Toward Higher ADA Targets

Patel identifies several key price levels ADA needs to breach for his bullish view to unfold. The first major hurdle is $1.17, from which the price experienced rejection earlier this year. Beyond that lie the $2.50 and $2.93 levels, which stopped the price from advancing further during the 2021 bull market.

The most exciting part of Patel’s forecast is his projection that ADA could eventually blast through $5 and possibly reach $7 or higher. This would constitute a new all-time high,surpassing the previous record of about $3.10 set in 2021.

Before this anticipated surge occurs, Patel thinks ADA might stage one last dip to around $0.45-$0.50. He views this as possibly the final major buying opportunity before a significant move upward.

“ADA Isn’t Dead – It’s Loading”

According to the chart, the range between $0.45 and $0.65 has been a crucial accumulation zone. The multiple touches at these levels, long price wicks, and extended sideways movement suggest that many investors have been quietly building their positions within this range.

Patel directly counters the claim that "Cardano is dead," which some critics have stated during this long consolidation period. Instead, he views the current price action as a loading phase, setting the stage for a potential explosive move upward.

For short-term price targets, Patel indicates $1.17 as the first important level to watch. If ADA can breakout above this level and convert it into support, the path might open up toward $2.00 and then $2.50 at the upper boundary of the channel.

In the long-term, he sees potential for $4-$6, with an ambitious target exceeding $7 if the pattern completes as projected.

The main takeaway from Patel’s analysis is that patience could pay off handsomely for Cardano holders. If Bitcoin continues its upward trend and guides the broader crypto market higher, and ADA follows the projected path, then people buying at current prices might be in for substantial returns as this market cycle matures and the structure plays out as anticipated.