- Cardano seems to be joining Ethereum in the altcoin-led weekly bull cycle.
- Cardano embraces price discovery above $3 while massively support between $2.81 and $2.8e, as the IOMAP reveals.
Cardano is up nearly 9% and has reclaimed ground above $3. The token is the first among major cryptocurrencies to hit a new all-time high. ADA is on a path to hitting another milestone at $3.5, while investors believe that it is just a matter of time before it rises to $5.
Cardano Once Again In Price Discovery Mode
According to IntoTheBlock’s IOMAP on-chain metric, the newest smart contracts token is back in price discovery after testing support at $ in August. All the addresses that previously bought ADA are in profit.
At the same time, Cardano has no defined resistance as it advances. Hence, a slight push above $3 will quickly bolster the token toward $3.5.
On the downside, ADA sits on top of immense support areas, as observed by the on-chain metric. The region running from $2.81 to $2.84 is the most substantial buyer concentration zone, hosting around 94,300 addresses that scooped up 3.42 billion ADA. This support assures investors that ADA is well supported and the least resistance path is upward.
Cardano IOMAP Metric
In the meantime, Cardano is seeking support above $3 to enhance the bulls’ presence in the market. A real break above this area of interest will set ADA on a $3.5-bound journey. Notice the Relative Strength Index (RSI) gaining traction into the overbought territory. A break above 70 may trigger more buy orders as bulls tighten their grip around the price.
ADA/USD Daily Chart
The Moving Average Convergence Divergence (MACD) adds credence to the bullish outlook based on its position relative to the mean line. A sell signal that had come into the picture is in the process of being canceled. As soon as the 12-day EMA crosses above the 26-day EMA, the odds for another swing north will come into the picture. Besides $3, Cardano is kept in place by an ascending trend line since the beginning of August.
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