Cardano to $3? Analyst Says Price Surge is Overdue
Pseudonymous crypto analyst Madmaudo has insisted that a Cardano surge to levels around its all-time high is overdue, asserting an imminent uptick.Cardanos 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, ADAs 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 Cardanos 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 OverdueIn 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 ADAs 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, Madmaudos target is inches away from ADAs current ATH.Analyst Commends Recent Partnership with BitcoinMadmaudo 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 Cardanos 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.
Text source: The Crypto Basic
