thecryptobasic.com
Pseudonymous crypto analyst Madmaudo has insisted that a Cardano surge to levels around its all-time high is overdue, asserting an imminent uptick.
Cardano’s price has been in a range in the past month despite bullish rallies from other notable crypto assets. Market data shows the 11th cryptocurrency market cap has ranged between $0.3346 and $0.369 since the start of October.
Amid these price movements, ADA’s chart shows it has been on a descending triangle since its yearly high of $0.7741 in March. The chart indicates the formation of lower highs and lower lows, with the price action getting tighter towards the end of the triangle.
According to pseudonymous analyst Madmaudo, a breakout and surge near Cardano’s all-time high seen in September 2021 is long overdue. The market speculator asserted that he sees the long pent-up price action soon.
Madmaudo Calls Cardano to $3 Overdue
In a TradingView analysis on November 2, Madmaudo stated that a surge to $3 is long overdue for Cardano. He then asserted that ADA would surge 88% to close down on its all-time high of around $3.1. His chart indicates he expects ADA to break out of a multi-year descending triangle to the $3 target.
Furthermore, using the Fibonacci retracement indicator, the market speculator added crucial levels to watch on ADA’s path to $3. First, the indicator shows a surge to $1.2253 at the 38.3% Fibonacci level, then an uptick to $1.5808 at the 50% Fibonacci level.
The analyst expects the next stop to be $1.9362 at the 61.8% Fibonacci level before hitting $3.0869 at the 100% Fibonacci level. Notably, Madmaudo’s target is inches away from ADA’s current ATH.
Analyst Commends Recent Partnership with Bitcoin
Madmaudo cited the recent partnership between the Cardano and Bitcoin ecosystems as a FOMO catalyst for the ADA price. The analyst argued it was a “great partnership with Bitcoin.”
For context, one of Cardano’s major developers, EMURGO, partnered with BitcoinOS to unleash smart contract features on the Bitcoin network. Cardano will operate as a layer on the Bitcoin blockchain, introducing decentralized finance while accessing over $1.3 trillion worth of liquidity.
Market speculators have teased the partnership to boost the Cardano ecosystem, and Madmaudo shares the same sentiment. He expects the bullish scenario to bolster a surge to $3.
At the time of writing, ADA trades at $0.3578, up 3.18% in the past 24 hours.