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Cardano Price Analysis: IOMAP model indicates resistance level at $1.53

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TL;DR Breakdown 

  • (IOMAP model shows sellers are pulling ADA below resistance
  • Cardano opened the daily chart at a price of $1.4730. 
  • At the time of writing, Cardano is trading at $1.4860 against the USD

Cardano Price Analysis: General price overview

The Moving Average Convergence Divergence marked a bullish crossover on the 4-hour chart confirming a continuation of the early morning uptrend.  On the other hand, Cardano’s RSI shifted position from the neutral zone into the buying zone indicating an advantage for the bulls.  The press time IntoTheBlock IN/OUT of the Money Around Price (IOMAP) model shows sellers are pulling ADA below resistance between $1.53 and $1.58, whereby 138.1K addresses hold 2.87 billion ADA. 

This range suggests ADA will face an upward task going above $1.53 and even more resistance breaking above $1.58. While there exists support at the current price level around $1.44 – $1.49, the IOMAP suggests this is not strong support and warns traders to anticipate a medium-term bearish outlook. 

Cardano Price Analysis: IOMAP model indicates resistance level at $1.53 1
Source: IntoTheBlock

Nevertheless, the short-term outlook on the Cardano chart is bullish. The main support lies at $1.45 on the 4-hour chart. Whereby it marks a bullish uptrend with three white soldiers from the higher daily low and marks the intraday high at $1.4863. 

Cardano price movement in the last 24-hours

Cardano opened the daily chart at a price of $1.4730. The bulls had attempted to stage a rally approaching yesterday’s close but their strength couldn’t sustain the trend in the early morning hours. This resulted in a break below the second support at $1.4700 and bottomed all the way to $1.44. The daily range is way extended with a wide space that indicates high volatility, which suggests high activity and profitability for day traders.

Cardano
Source: TradingView

Cardano 4-hour price chart: Strong defense at $1.45 support

At the time of writing, ADA is trading at $1.4860 against the USD. The RSI is lying within the overbought zone but might slide into the neutral signal. Bulls are strongly defending the $1.45 support and have already validated an upward trend that’s attempting to break above the $1.5 price level, and perhaps achieve the 50-day simple moving average. 

Cardano price analysis conclusion

Only a year ago, Cardano (ADA) was trading at $0.18. Today, the coin already touched the $2.00 mark and is currently trading between $1.33 – $1.94.  Despite the recent May crash, the coin had a good start to the year. Furthermore, it is a green coin – meaning it’s eco-friendly.  The founder, Charles Hoskinson (Also a co-founder of ETH) went further to ask Tesla’s CEO Elon Musk to adopt ADA as the native payment token for the automobile company.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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