In recent months, Cardano’s price has been oscillating within a narrow range, despite other prominent cryptocurrencies experiencing notable bullish rallies. Since October began, ADA has fluctuated between $0.3346 and $0.369. A glance at its chart reveals a descending triangle pattern that has been taking shape since March, when it peaked at $0.7741. This pattern is characterized by progressively lower highs and lower lows, indicating tighter price action as it nears the triangle’s tip.
Anticipated Surge: Madmaudo’s Technical Analysis
Madmaudo, a well-known pseudonymous crypto analyst, has expressed optimism about Cardano’s price potentially reaching levels close to its all-time high. According to his detailed technical analysis, a significant price appreciation for ADA is imminent, possibly pushing it towards its historic high of approximately $3.1. A recent analysis on TradingView, dated November 2, suggests that a $3 surge for Cardano is long overdue. Madmaudo predicts an 88% increase as ADA breaks out of its multi-year descending triangle towards the $3 target.
Utilizing the Fibonacci retracement indicator, Madmaudo identifies key thresholds on ADA’s journey to $3. The analysis highlights a potential surge to $1.2253 at the 38.3% Fibonacci level, followed by an increase to $1.5808 at the 50% level. The next anticipated stop is $1.9362 at the 61.8% level, before reaching $3.0869 at the 100% level. This target is remarkably close to ADA’s previous ATH.
Ali Martinez’s Insights on a Promising Surge
Ali Martinez, an on-chain crypto analyst, reinforces the optimistic outlook with observations that Cardano’s current price pattern mirrors its 2020 trajectory. This suggests an imminent and impressive price surge for ADA. Martinez draws parallels with the period from November 16, 2020, to August 2021, during which Cardano’s price ascended to its all-time high of $3. Reflecting on historical patterns, Martinez predicts a potential price pump around November 18, shortly after the US elections, with a possible market peak by September 2025.
The Strategic Bitcoin Partnership
Adding to the bullish expectations is Cardano’s strategic partnership with the Bitcoin ecosystem. EMURGO, a leading developer in the Cardano network, has joined forces with BitcoinOS to introduce smart contract functionality to the Bitcoin network. This integration positions Cardano as a layer solution for Bitcoin, facilitating decentralized finance (DeFi) applications to tap into Bitcoin’s vast liquidity pool, currently estimated at over $1.3 trillion. Analysts believe this collaboration could significantly boost interest in ADA.
