Based on IntoTheBlock data Cardano (ADA) formed a strong support level near $0.35. This support level could serve as a consolidation point for ADA in the near future. Over the past 13 days, ADA has consistently trended upwards, showing that it has more growth potential.
Cryptocurrency IntoTheBlock’s ITB indicator, a metric used to analyze the performance of currency units, helps traders and investors make informed decisions by providing information on the average cost at which tokens were purchased.
The indicator compares this average cost with the current price of the asset to determine whether an address is “in profit” or “at a loss”. Essentially, the address is considered profitable if the current price is higher than the average cost. On the other hand, if the current price is less than the average cost, the address is considered unprofitable. The ITB indicator focuses on clusters with a variation of +/- 15%.
The analyzes of the ITB indicator are Cardano price The $0.35 threshold has remained an important support level for the asset, indicating a potential consolidation phase for the asset. The next important level is the $0.37 resistance with a volume of 3.6 billion. The biggest support level for the asset lies at the $0.3 threshold.
Cardano’s steady upward trend over the past two weeks has also boosted confidence in the cryptocurrency. As ADA continues to gain strength and its ecosystem expands, strong support at $0.35 could lay a crucial foundation for the long-term stability and success of the asset.
You can follow the current price action here.