Cardano's [ADA] long-term holders have refrained from moving their tokens back into circulation. AMBCrypto found out after analyzing
long-term holders have refrained from moving their tokens back into circulation, AMBCrypto found after analyzing the Mean Dollar Invested Age .from Santiment, Cardano’s 90-day MDAI jumped to 269 on the 15th of April. A decreasing MDIA suggests increasing network activity.restrict an upswingHowever, an analysis of the price action showed that the token had found it hard to test the $0.50 psychological level.
If the MDIA continues to increase, ADA might not evade $0.50, but it could drop below $0.49 in the short term. But this conclusion might be too hasty. As such, AMBCrypto went ahead to evaluate other metrics. One metric that we checked was the Mean Coin Age . The MCA reveals similar signals to the MDIA, but with a slight difference. Here, a low coin age signifies that new coins have been accumulated, and discharged to a cold wallet.However, if the action of long-term holders changes, the value might be better.Though the RSI on the 4-hour chart increased, the reading at 50.58, suggested that bulls were not in total control.If buying momentum increases, ADA might be able to break past $0.50.
From the 4-hour ADA/USD chart, the Exponential Moving Average revealed that the bearish still existed. At press time, the 50 EMA had crossed over the 20 EMA .However, ADA had crossed above the 9 EMA, suggesting that bulls were trying to push the price higher. As things stand, the token might attempt to hit $0.50. But it could face resistance around the area.close could send Cardano toward $0.53. But rejection at this point might trigger another correction that could end up at the $0.45 support.
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