Madmaudo, a well-known crypto analyst on TradingView, 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.
He believes the Cardano surge is overdue, and presents a comprehensive evaluation of ADA’s price trajectory using multiple technical indicators, particularly focusing on Fibonacci retracement levels and pattern analysis.
Current Market Position
Cardano is currently ranked as the 11th largest cryptocurrency by market capitalization. The digital asset has endured a rough year, eventually dropping out of the top ten cryptocurrencies as predicted by an analyst in January.
However, it has demonstrated relatively stable price action throughout October. The digital asset has maintained a confined trading range between $0.3346 and $0.369. Although this diverges from the broader market’s upward momentum in other major cryptocurrencies, its downward momentum seems to have fizzled out.
Technical analysis reveals that ADA has been operating within a descending triangle formation since reaching its yearly peak of $0.7741 in March. This pattern is characterized by declining price highs and consistent support levels, with price action becoming increasingly compressed as the formation approaches its apex.
Technical Projections and Key Levels
Madmaudo’s analysis outlines several crucial price targets based on Fibonacci retracement levels. The initial target is $1.2253, corresponding with the 38.3% Fibonacci level. Following that, ADA could climb to $1.5808, corresponding with the 50% Fibonacci level.
Following this, Madmaudo believes ADA will climb to $1.9362, which is at the 61.8% Fibonacci level, before a final surge to $3.0869 at the 100% Fibonacci level.
ADA is currently trading at $0.3518, down 0.77% over the past 24 hours. A surge to $3.0869 represents a 777.459% increase for the digital asset.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Strategic Partnership Catalyst
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 positions 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, including Madmaudo, suggest this development could be a significant catalyst for increased interest in ADA.
Charles Hoskinson, Cardano’s creator, recently revealed that a price increase would solve the digital asset’s problems. Based on this analysis and recent events, that price surge could be around the corner.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
