Cardano to $1.5: Analyst Makes Bullish Call

Crypto Capital Ventures predicts Cardano (ADA) could soon hit $1.5 as markets slightly recover from recent corrections. 

The analyst believes Cardano’s current performance mirrors its past bull market cycle when it broke its all-time highs, highlighting that it has now surpassed its 20-day and 50-day moving averages. According to him, this breach indicates a potential bullish trend, with the $0.80 to $0.83 range as the next significant target, potentially escalating to $1.40 to $1.50 if the bullish momentum persists. 

Crypto Capital Ventures had also mentioned earlier that scheduled events in the Cardano space aligned the token for another bullish breakout. Cardano’s founder recently pointed out the importance of scalable solutions within the ecosystem, an upgrade that has since had the community on the edge of their seats.

Speaking on Bitcoin, the analyst highlights Bitcoin’s resilience in the face of a 15% dip as it recovers towards the overbought territory on the monthly chart. He suggests a possible consolidation phase before another breakout.

Cardano Market Outlook

ADA was trading at $0.6329 as of 12:30 p.m. UTC, marking a positive movement of 3.62% over the last day. The trading volume increased by 13.14% in the same timeframe, suggesting heightened investor interest. The market cap stood at approximately $22.5 billion during the same period, with a circulating supply of over 35.5 billion ADA, accounting for 79.04% of the total supply, which is capped at 45 billion ADA per CoinMarketCap stats. 

However, despite the rise, the chart below shows that ADA is on a general downtrend, as indicated by the descending channel pattern. Each attempt to move higher was met with selling pressure at lower highs, reinforcing the current downtrend. However, the Cardano price seems now on the verge of a break out from the channel amid today’s pump.

4-hour ADA/USDT Chart | Source: TradingView

The Money Flow Index (MFI) is currently at 48.75, which is relatively neutral. Its northern trajectory, however, shows increasing buying pressure. The Awesome Oscillator (AO) backs this up as its histograms head towards the zero line with green coloring. This shows that the current momentum is turning bullish.