‘This Time is Different’ – Could Cardano Price Hit $3 Ahead of Bitcoin Staking?

Cardano price has dropped significantly from its November peak last year when most altcoins were soaring. Despite this, strong fundamentals, including the upcoming Bitcoin staking on its network and a highly bullish chart pattern, could drive an ADA rally, possibly reaching its all-time high of $3 in this cycle.

Cardano Price Could Surge Ahead of Bitcoin Integration

One reason why Cardano price has lagged behind its other peers is that it is often seen as a ghost chain. A ghost chain is defined as a popular layer-1 or layer-2 blockchain that has no supporting ecosystem.

This accusation could change soon once Cardano succeeds with its integration with BitcoinOS. The integration will be a game-changer as it will enable Bitcoin holders to leverage Cardano’s technology to generate yields.

In an X video, Linda, who claims to be a member of Minswap, a top Cardano DEX, explained why this integration will be the biggest game changer in crypto. She said:

“Bitcoin and Cardano are integrating in a way that brings us closer than ever to true interoperability. This integration will be the biggest game changer in decentralized finance, opening up a world of opportunity for Bitcoin holders.”

Linda explained that the integration will enable Bitcoin holders to earn extra income. In the past, such attempts were only possible with middlemen like Celsius, a company that collapsed in 2022.

Cardano’s integration will be different because it will rely on zero-knowledge cryptography that removes these middlemen. ZK proofs are also safe since these smart contracts have just one job: to verify whether a transaction is correct or not. They can only be hacked by a 51% attack.

This integration will likely bring billions of dollars worth of Bitcoin to the Cardano blockchain. That would, in turn, boost Cardano’s total value locked, which stands at a mere $330 million today. It may also boost the Cardano price eventually.

Technical Analysis Suggests ADA Price May Soar to $3

Technicals suggest that the Cardano price may be on the cusp of a strong bullish breakout in the coming weeks. The most bullish aspect is that ADA has formed a falling wedge chart pattern on the weekly chart. This pattern is drawn by connecting the lowest and highest swings since December, with the two lines nearing their confluence levels.

There are also signs that ADA price is now in the second phase of the Elliot Wave pattern. If the pattern works out, it will soon enter the third phase, which is usually the longest. In this case, it will likely soar to $2, and then pull back to the 50% retracement level, and then soar to a record high of $3 in the longer term.

The bullish ADA outlook will be invalidated if the coin falls below $0.311, the lowest level in November. This price also coincides with the ascending trendline that links the lowest points since January 23.

Frequently Asked Questions (FAQs)

Technicals suggest that the launch of Bitcoin staking on Cardano will help to push its price to a record high eventually.

The launch of Bitcoin staking on Cardano will be great because it will instantly bring higher TVL to the network. It will also increase transactions on the blockchain.

See also  $52M Canadian commercial property tokenized by Polymesh, Ocree Capital

Cardano has formed a falling wedge and is in the second phase of the Elliot Wave chart pattern.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.