Cardano Prepares To Break Out As Investors Watch In Disbelief

Cardano prepares to break out as the sentiment around it creates a valuable profit opportunity while remaining dormant as the price action gets capped by the 200 and 50-hour moving averages as we are reading further in our Cardano coin news.

The on-chain metrics show that Cardano prepares to break out above the resistance level which will not be easy. The current state of the disbelief of the ADA traders could be a positive sign from the counter sentiment perspective as Cardano is going through a stagnation phase and the rest of the market aims for higher highs. As the investors shift their attention to pumping coins, ADA will go higher and will make a breakout again.

Cardano has been stuck in the 200 and 50-twelve hour moving averages so these critical hurdles have limited the price action to a smaller trading range that is getting even narrower time after time. ADA’s inability to bust through the support and resistance makes this area a no-trading zone. With Bitcoin’s impressive rally at $13,000, it is safe to assume that a breakout will soon happen but the IOMAP model shows that moving past this resistance will not be easy. Based on the on-chain metrics, about 5,200 addresses previously purchased 2 billion ADA coins between $0.11 and $0.113 so with an impressive rally like this one, a barrier could have the ability to keep the rising prices at bay. Holders in this price range will try to exit the previously recorded underwater positions which will push the prices back down.

Because of the heavy resistance ahead, the long-term sentiment around Cardano was pessimistic. Most of the market participants believe that ADA will not create a strong enough buying pressure to break out. they seem to be waiting to catch long positions at lower prices. Going against the wider opinion proves to be a profitable strategy especially in the crypto market.
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From a counter sentiment perspective, this state of disbelief is bullish as the odds for another breakout that will get the traders behind their backs increases drastically.

If Cardano manages to turn the $0.11 and $0.113 resistance into support, the IOMAP model shows no bearish traps ahead that will prevent it from rising more towards $0.13. it is also worth mentioning that if the overhead resistance rejects more upward price action, the $0.1 level could act as stiff support. More than 18,000 addresses already hold 2.5 billion ADA according to IntoTheBlock’s IOMAP model.