Cardano’s price has been in a range in the past month although other notable crypto assets have witnessed bullish rallies. It has ranged between $0.3346 and $0.369 since the start of October.
ADA’s chart 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.
Notably, a pseudonymous crypto analyst Madmaudo has noted that a Cardano surge to levels around its all-time high is overdue, asserting an uptick real soon. He has released a detailed technical analysis suggesting Cardano (ADA) could be positioned for a significant price appreciation, potentially approaching its previous all-time high of approximately $3.1.
Madmaudo’s Technical Analysis
In a TradingView analysis on November 2, Madmaudo stated that a surge to $3 is long overdue for Cardano. He claims 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. The indicator shows a surge to $1.2253 at the 38.3% Fibonacci level, and 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.
Ali Martinez Indicates Towards An Impressive Surge
Ali Martinez, an on-chain crypto analyst, also notes that Cardano’s current price trajectory looks increasingly similar to its 2020 price formation, indicating an impressive price surge for the token. The analyst pointed to the time when Cardano’s price began to rise on November 16, 2020, until August 2021, when it reached an all-time high of $3.
The Bitcoin Partnership
Moreover, a significant factor supporting this bullish outlook is the recent strategic collaboration between the Cardano and Bitcoin ecosystems. EMURGO, a primary developer within the Cardano ecosystem, has partnered with BitcoinOS, aimed at implementing smart contract functionality on the Bitcoin network.
This integration places Cardano as a layer solution for Bitcoin, potentially enabling decentralized finance applications to access Bitcoin’s substantial liquidity pool, currently valued at over $1.3 trillion. Market analysts suggest that this development could be a significant catalyst for increased interest in ADA.
