Cardano Rises to $3; Analyst Says Price Surge is Overdue

Anonymous cryptocurrency analyst Madmaudo insists that a rise for Cardano to levels near its all-time high is imminent and predicts an imminent rally.

Despite bullish rallies in other prominent crypto assets, Cardano’s price has been range-bound over the past month. Market data shows that the market capitalization of the eleventh-largest cryptocurrency has fluctuated between $0.3346 and $0.369 since the beginning of October.

Amid these price movements, ADA’s chart shows that it has formed a descending triangle since March’s yearly high of $0.7741. The chart shows the formation of lower highs and lower lows, with price action gradually tightening at the end of the triangle.

According to anonymous analyst Madmaudo, Cardano’s breakout and rally since September 2021 is long overdue. The market speculator insists he sees long-repressed price action coming.

Madmaudo predicts Cardano will reach $3 goal is long overdue

In a TradingView analysis on Nov. 2, Madmaudo said that Cardano’s rally to $3 was long overdue. He then insisted that ADA would rise by 88%, approaching its all-time high of about $3.1. His chart shows that he expects ADA to break out of a multi-year descending triangle with a target of $3.

Furthermore, using the Fibonacci retracement indicator, the market speculator added key levels for ADA to watch on its path to $3. First, the indicator shows a move up to $1.2253 at the 38.3% Fibonacci level and then another move up to $1.5808 at the 50% Fibonacci level.

The analyst expects the next target to be $1.9362 at the 61.8% Fibonacci level and then $3.0869 at the 100% Fibonacci level. Notably, Madmaudo’s target is just one step away from ADA’s current all-time high.

Analysts praise recent collaboration with Bitcoin

Madmaudo mentioned the recent collaboration between Cardano and the Bitcoin ecosystem as a FOMO catalyst for ADA’s price. The analyst sees this as a “great collaboration” with Bitcoin.

For background, one of Cardano’s lead developers, EMURGO, has partnered with BitcoinOS to unlock smart contract capabilities on the Bitcoin network. Cardano will operate as a layer on the Bitcoin blockchain, introducing decentralized finance and access to over $1.3 trillion in liquidity.

Market speculators have teased that the collaboration will boost the Cardano ecosystem, a sentiment shared by Madmaudo. He expects this bull scenario to drive gains to $3.

As of writing, ADA is trading at 0.3578 for $, up 3.18% in the past 24 hours

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