Could Cardano Reach $828? Analyst Predicts

Crypto Mark, a renowned crypto analyst, is optimistic about a Cardano pump to $828 based on other expert calls.

Mark unveiled two potential future price scenarios for Cardano (ADA) that could excite investors and enthusiasts alike. Delving into analyses provided by Chris, the co-founder of Cardano Ghost, the analyst outlines a conservative estimate alongside a more optimistic forecast for ADA’s price movement. 

The conservative scenario suggests a modest 2x increase in the global crypto market cap, moving from $6 trillion to $7 trillion. According to the analyst, this shift could position Cardano at a price target of around $7.70, indicating a significant uplift from its current valuation. Such a projection is rooted in broader market growth expectations, showcasing a tempered but positive outlook for Cardano’s future.

Conversely, his more bullish scenario paints a far more dramatic picture. Based on Cardano’s past market performance and previous dominance over the crypto market, particularly in comparison to Ethereum’s (ETH) gains in the last cycle, his forecast sets a price target of $828 for ADA as other analysts predict a lower target of $150. However, some analysts still see the possibility of a Cardano leg down.

Still, this scenario hinges on Bitcoin (BTC) reaching a price target of $138,000. Mark touches on Cardano’s current price range, noting its comfort between 65 and 58 cents. He points out that a breakthrough above 64 cents could propel ADA to test the 80 cents level, potentially initiating a new upward price trajectory. 

Cardano Price Analysis: A Look at ADA Charts

The Cardano price was $0.612 as of 2:30 p.m. UTC, marking a 0.6% increase over the last 24 hours, according to figures obtained from CoinMarketCap. Over the period displayed, the price has experienced volatility within a defined range. After a downward trend, the price has consolidated, suggesting a potential accumulation phase.

4-hour ADA/USD Chart | Source: TradingView

The set of moving averages on the Alligator indicator appears to be converging, with the price oscillating around them. This could indicate that the market is in equilibrium, with no clear short-term trend established. The Woodies CCI lines are above the zero line, which can be interpreted as a bullish signal in the short term. 

However, the lack of significant divergence from the zero line also points to a lack of strong momentum. On the other hand, The MFI (Money Flow Index) is just below 70, which is considered the overbought threshold. The MFI close to this level could suggest that the market is approaching overbought conditions, but it is not a definitive signal for a reversal without other concurring evidence.