Cardano Eyes Major Targets as Analyst Sees Accumulation Phase Begin
Cardano (ADA) is on the path to recovery, according to Crypto Patel, an analyst who believes the token is entering an accumulation phase. Patel notes that ADA has reclaimed the important weekly support level of $0.235, a key sign that the token is gaining momentum. This level is part of a bullish order block, or accumulation zone, which extends from $0.14 to $0.20.
The chart also shows that ADA has previously gained 87.24% after bouncing from this accumulation zone, demonstrating the token's strong recovery potential. Patel highlights three key signs on ADA's weekly chart: the weekly order block is defended, the golden pocket remained intact, and ADA recently moved back above $0.235.
Crypto Patel's targets for ADA are $1, $3, and $5, with the first target sitting directly around the chart's major resistance zone. A move from the current $0.2549 price to $1 would represent a 292% gain, while reaching $3 would require a 1,077% increase. A move to $5 would represent a 1,861% gain from the current level.