Pseudonymous crypto analyst Madmaudo has expressed a strong belief that Cardano is due for a significant price increase, potentially reaching levels near its all-time high. He predicts an imminent upward movement for the cryptocurrency.
Over the past month, Cardano’s price has remained relatively stable, even as other prominent cryptocurrencies have experienced bullish trends. Current market data indicates that ADA, the 11th largest cryptocurrency by market capitalization, has fluctuated between $0.3346 and $0.369 since the beginning of October.
Examining ADA’s price chart reveals a descending triangle pattern that has formed since its yearly peak of $0.7741 in March. This pattern is characterized by a series of lower highs and lower lows, with price movements becoming increasingly constrained as the triangle approaches its apex.
According to analyst Madmaudo, a breakout leading to a surge near Cardano’s all-time high, reached in September 2021, is overdue. He believes that the prolonged consolidation phase is close to ending.
Madmaudo Predicts Cardano Will Hit $3 Soon
In a detailed analysis shared on TradingView on November 2, Madmaudo projected that a rise to $3 for Cardano is not only imminent but overdue. He estimates that ADA could soar by 88% to approach its all-time high of approximately $3.1. His analysis suggests that ADA is on the verge of breaking out from a multi-year descending triangle formation toward the $3 target.
Moreover, by employing the Fibonacci retracement tool, Madmaudo highlighted key levels to monitor as ADA strives toward the $3 mark. The analysis indicates an initial target of $1.2253 at the 38.3% Fibonacci level, followed by an increase to $1.5808 at the 50% Fibonacci level.
The analyst anticipates a subsequent target of $1.9362 at the 61.8% Fibonacci level before reaching $3.0869 at the 100% Fibonacci level. Notably, Madmaudo’s projections come alarmingly close to ADA’s current all-time high.
Analyst Applauds Cardano-Bitcoin Partnership
Madmaudo also pointed to the recent collaboration between the Cardano and Bitcoin ecosystems as a potential driver for ADA’s price increase. He characterized this partnership as a “great collaboration with Bitcoin.”
To provide context, one of Cardano’s primary developers, EMURGO, has partnered with BitcoinOS to introduce smart contract functionalities on the Bitcoin network. This partnership allows Cardano to function as a layer atop the Bitcoin blockchain, facilitating decentralized finance initiatives while tapping into over $1.3 trillion in liquidity.
Market analysts have suggested that this partnership could significantly enhance the Cardano ecosystem, a sentiment echoed by Madmaudo, who anticipates that this bullish development will help propel ADA’s price to $3.
As of the latest update, ADA is trading at $0.3578, reflecting a 3.18% increase in the last 24 hours.
Disclaimer: This article is for informational purposes only and should not be interpreted as financial advice. The opinions expressed herein are solely those of the author and do not necessarily align with those of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic disclaims any responsibility for financial losses incurred.