Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano (
ADA) Slides
to $0.60: Indicators Suggest
Bull Run
Isn’t Over
In the last seven days, Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano’s (ADA) price has increased by nearly 80%,
making it the second-best-performing asset among the top 10 cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
This bull run has sparked speculation that the altcoin could return to its
2021 peak levels.
But after hitting $0.62 yesterday, November 11, ADA’s price retraced to $0.60.
For some, this pullback could mark the end of this incredible run. However,
this on-chain analysis begs to differ.
Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano Catches the Attention of All and Sundry
The Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano bull run began around November 6, shortly after all indications
pointed to a Donald Trump win in the US election. Before that, ADA’s price was
about $0.33, but seven days after, the token rallied to $0.62 before this drop
to $0.60.
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Using data from IntoTheBlock, the Average Transaction Size, which offers
insight into whales and retail users activity on the blockchain,
reveals that the retracement might not last long. When the metric rises, it
means that i nstitutional players are engaging in a lot of speculative
activity.
Conversely, a decline in the metric indicates that retail investors are making
most of the transactions. As of this writing, the Average Transaction Size has
increased to $171,588 over the last seven days, indicating that large
investors are playing a crucial role in ADA’s recent ascent. Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano Average
Transaction Size. Source: IntoTheBlock
Historically, when this happens, Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano’s price continues its rally even
though it might face brief pullbacks. For instance, in March, when the metric
jumped like this, ADA climbed as high as $0.74. Therefore, if this remains the
same, ADA might retest $0.62 and possibly go higher.
Another metric suggesting that Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano’s bull run is not over is the Mean
Dollar Invested Age (MDIA). The MDIA is the average age of every dollar
invested in a cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
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A rising Mean Dollar Invested Age metric indicates that investments are
becoming more stagnant, with older coins staying in the same wallets.
Conversely, a decreasing Mean Dollar Invested Age suggests that investments
are returning to active circulation , pointing to increased network activity.
Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano Mean Dollar Invested Age. Source: Santiment
From a historical perspective, the flow of ADA tokens back into circulation is
a bullish sign. Therefore, if the MDIA continues to fall, then the altcoin has
a good chance of climbing than its current value.
ADA Price Prediction: $0.70 First, Above $1 Later?
From an on-chain perspective, the In/Out of Money Around Price (IOMAP) shows
that ADA is trading at a point where thousands of addresses have accumulated
$1.24 billion tokens. The IOMAP classifies addresses based on the purchase
price and shows whether addresses have unrealized profits or losses.
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Also, the metric is crucial to spotting support and resistance. Typically, the
higher the volume or cluster, the stronger the support or resistance. As seen
below, the altcoin seems to have strong support at $0.59, where 87,950
addresses purchased about 1.79 billion ADA.
This figure is higher than the volume bought between $0.61 and $0.69.
Therefore, according to the laws stated above, ADA could breach these levels
and rise to $0.70 in the short term. Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano In/Out of Money Around Price.
Source: IntoTheBlock
In addition, the technical point of view also seems to support this move. But
this time, BeInCrypto analyzes the weekly chart to assess the long-term
potential.
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On the weekly ADA/USD chart, the altcoin has broken out of a descending
triangle. A descending triangle is a bearish pattern characterized by a
downward-sloping upper trendline and a flatter, horizontal lower trendline.
When the price breaks down below the lower trendline, further correction might
happen. But in ADA’s case, the price has risen above the sloping upper
trendline, suggesting that the altcoin’s value could go higher.
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Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano Weekly Analysis. Source: TradingView
If that is the case, then Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano’s bull run could extend into next year, with
the price possibly climbing by nearly 127% to $1.34. On the other hand, if
selling pressure intensifies before then, this AD A price prediction might not
come to pass. Instead, the crypto’s value might sink much lower.
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informational purposes only and should not be considered financial or
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