Cardano (ADA) is heading for a strong recovery after holding an important weekly support level, according to analyst Crypto Patel.
In a post on X, Patel said ADA price is entering an accumulation phase. He claimed that many investors sold after ADA fell 94%, while larger investors continued buying.
Patel highlighted three key signs on ADA’s weekly chart: a long-term support zone held, the golden pocket remained intact, and ADA recently moved back above $0.235.
“The weekly order block is defended, the golden pocket held, and $0.235 is reclaimed,” Patel wrote.
ADA Holds Important Weekly Support
Accompanying the post is a chart that shows ADA trading around $0.2549 on the weekly chart, with the key support zone between about $0.14 and $0.20.
Crypto Patel calls this area a “bullish order block” or accumulation zone, suggesting it will act as support if ADA stays above it. The chart also shows two important Fibonacci levels: $0.1278 (0.618) and $0.2351 (0.5).
ADA is currently above $0.235, meaning it has moved back above the middle of this range. Patel specifically highlighted ADA reclaiming the $0.235 level.
The chart also shows ADA previously gained 87.24% after bouncing from this accumulation zone, showing how strongly the token recovered from that area. Notably, this was Cardano’s recovery from the June low of $0.1387 to the recent high at $0.2643 in September.
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Cardano (ADA) Price Chart by Crypto Patel
$1 Resistance Becomes Key Level for Cardano
Beyond the current price, the chart identifies a major resistance zone around $1 to $1.20. This area sits near a long-term horizontal resistance level and represents a significant hurdle if ADA continues its recovery.
The chart also marks $2.8962 as another major level, while a Fibonacci extension around $3.1344 sits above it.
Crypto Patel’s stated targets are $1, $3, and $5, putting the first target directly around the chart’s major resistance zone.
A move from the current $0.2549 price to $1 would represent roughly a 292% gain, while reaching $3 would require about a 1,077% increase. A move to $5 would represent about a 1,861% gain from the current level.
Chart Projects Potential Move Toward $10
Interestingly, the longer-term projection in Crypto Patel’s chart extends considerably beyond the analyst’s stated $5 target.
One green projection marks a move toward approximately $2.79 from Cardano’s June lows, representing a gain of about 2,149%. Another extends toward roughly $9.77, with the chart showing a potential 7,390% gain.
The chart’s purple projection line also points toward the $10 area, suggesting that Crypto Patel is mapping out a much larger cycle move if ADA breaks through its major resistance levels.
$0.137 Is the Key Invalidation Level
Meanwhile, despite the bullish outlook, Crypto Patel identified a clear level that would invalidate the setup. The analyst said a weekly close below $0.137 would invalidate the bullish thesis.
That level sits below the highlighted bullish order block and near the lower portion of the accumulation zone shown on the chart.
Ultimately, Crypto Patel’s setup depends on ADA holding above this area, maintaining the $0.235 reclaim, and eventually challenging the major resistance around $1 to $1.20.
If those levels continue to hold, the analyst’s roadmap places $1, $3, and $5 as the next major upside targets. At the same time, the accompanying long-term chart projects a possible move toward $10.