The newest smart contracts coin is back in price discovery, according to IntoTheBlock’s IOMAP on-chain indicator, after testing support at $ in August. All of the prior addresses that purchased ADA are now profitable.
Cardano, on the other hand, has no set obstacle as it advances. As a result, a small push above $3 will swiftly boost the token to $3.5.
On the negative, as the on-chain measure shows, ADA rests on top of massive support areas. The biggest significant buyer concentration zone is between $2.81 and $2.84, with roughly 94,300 addresses scooping up 3.42 billion ADA. Investors can rest assured that ADA is well supported, and that the path of least resistance is upward.
Meanwhile, Cardano is looking for support over $3 in order to strengthen the bulls’ position in the market. A real break over this point of interest will put ADA on a path to $3.5 billion. Observe how the Relative Strength Index (RSI) is approaching overbought territory. As bulls strengthen their grip on the price, a breach over 70 may drive more buy orders.
Because of its location relative to the mean line, the Moving Average Convergence Divergence (MACD) gives confidence to the bullish view. A sell signal that had been activated is currently being deactivated. The possibilities for another swing north will increase as soon as the 12-day EMA crosses over the 26-day EMA. Aside from $3, Cardano has been held in place since the beginning of August by a rising trend line.