Pseudonymous analyst Madmaudo forecasts that Cardano’s price surge to its all-time high of $3 is overdue, supported by technical analysis indicating a potential breakout from a descending triangle. He highlights critical Fibonacci levels to watch, and cites a strategic partnership with Bitcoin as a catalyst for increased price momentum. Currently, ADA trades at $0.3578, showing a modest daily increase.

According to the pseudonymous cryptocurrency analyst known as Madmaudo, a surge in Cardano’s price towards its all-time high of approximately $3 is not only expected but overdue. Despite the broader cryptocurrency market experiencing bullish rallies, Cardano’s price has been relatively stagnant, oscillating between $0.3346 and $0.369 since the beginning of October. The technical analysis reveals that Cardano has been forming a descending triangle pattern since its peak of $0.7741 in March of this year, showcasing a trend of lower highs and lower lows, which indicates a tightening price action as it approaches the triangle’s apex. Madmaudo articulated in his TradingView analysis on November 2 that a rise to the $3 mark has long been anticipated. He estimates that the price of ADA might increase by 88% to reach approximately $3.1, citing a potential breakout from a multi-year descending triangle. Utilizing the Fibonacci retracement levels, he identified critical price targets that Cardano must cross to achieve the $3 milestone. He predicts that an initial surge might see the price reach $1.2253 at the 38.3% Fibonacci level, followed by a climb to $1.5808 at the 50% Fibonacci level, and ultimately to $1.9362 at the 61.8% point before hitting the $3.0869 mark, which is very close to ADA’s historical maximum. Moreover, Madmaudo underscored the impact of a recent partnership between Cardano and Bitcoin as a potential catalyst for increased interest and investment in ADA. He remarked on the significance of the collaboration, which enables Cardano to function as a layer atop the Bitcoin blockchain, facilitating decentralized finance and granting access to $1.3 trillion in liquidity. As of the current market data, Cardano’s price stands at $0.3578, reflecting a 3.18% increase over the preceding 24 hours.

Cardano (ADA) has been a prominent player in the cryptocurrency space, known for its innovative technology and strong community. Despite numerous developments and general bullish trends in the cryptocurrency market, Cardano’s price has stagnated in recent weeks, prompting market analysts to speculate on its future trajectory. The formation of a descending triangle in ADA’s chart raises questions regarding its price movement, indicating potential volatility. Analyzing charts and employing technical indicators such as Fibonacci retracement levels allows analysts to forecast future price movements based on historical data and market behavior.

In summary, the anticipation of a price surge in Cardano reaching $3 stems from technical analysis indicating the formation of a descending triangle, coupled with the optimism generated by strategic partnerships. Analyst Madmaudo’s assessments provide a roadmap towards significant price points, making a strong case for potential bullish activity in the near future as ADA aims to reclaim its historical heights. Investors are encouraged to consider these analyses while exercising caution and conducting thorough research before making investment decisions.

Original Source: thecryptobasic.com

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