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The Mean Dollar Invested Age (MDIA) and on-chain metrics show increased Cardano (ADA) circulation and renewed interest. DA’s current technical indicators show bullish momentum, including a breakout from a descending triangle and resistance at $0.70, $0.81, and $0.95 levels. The Cardano price has reported an impressive gain of 81% in a week. Hence, at this moment, ADA stands as the second-best performing among the top 10 currencies. The rally started on November 6 and appreciated ADA from $0.33 to reach as high as $0.62. Cardano Price Analysis: Bullish Indicators Several indicators show the bulls may not be done yet. The most important one is the Mean Dollar Invested Age (MDIA) metric for ADA which shows the circulation of tokens. When this number drops, people usually regard it as a sign that the coin is gaining renewed interest and liquidity. So, as long as MDIA keeps falling, the Cardano price appreciation could continue.  Also, it’s essential to look at IntoTheBlock’s In/Out of Money Around Price model, which categorizes the holders according to the price when the ADA was acquired. IOMAP data currently reflects a concentration of support for ADA at $0.59 with approximately 87,950 addresses holding about 1.79 billion ADA tokens at this price. It’s way above that in the range of $0.61 to $0.69 and may reveal strong support right below the current price. Thus, ADA price is likely to face minimal resistance if it breaks through the $0.70 level with more gains incoming. Technical indicators are also bullish.  ADA price recently broke out of a descending triangle formation on the weekly chart—a pattern generally considered bearish. It’s a descending triangle that features an uptrend line sloping up and a flat trendline positioned down below. However, ADA’s upward break above the upper trendline of the triangle foreshadows a long rally,…

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Filed under: News - @ November 13, 2024 3:13 am