Cardano’s Bullish Future: A Closer Look at the MDIA Indicator
Cardano (ADA) is showing signs of a potential bullish breakout. Despite a 50% drop from its November peak, some data suggests a strong rebound could be on the horizon.
Santiment’s Mean Dollar Invested Age (MDIA) indicator has been rising. The 180-day MDIA has climbed to 10.68 from -3.2 in February. The 2-year MDIA has also increased to 103 from a low of 94. These numbers are historically linked to major price rebounds.
The MDIA tracks the average age of invested dollars. A rising MDIA suggests older wallets are not selling,which is bullish.Conversely, a falling MDIA indicates selling pressure.
Cardano’s price has been in a slow downtrend, dropping from $1.328 to $0.70. Though, it has formed a falling broadening wedge pattern, which frequently enough leads to a bullish breakout.
Technical analysis shows a bearish pennant pattern, which could led to a drop to $0.555. But a rebound could see ADA rise to $1, and possibly to its previous high of $1.32,a 90% increase from current levels.
While Cardano has faced challenges, including profit-taking and tariff fears, the MDIA and technical patterns suggest a positive shift. This indicator checks if older wallets are circulating tokens. A rising MDIA is usually a good sign.
Cardano’s price has been in a downtrend, falling from $1.328 to $0.70. The coin has formed a bearish pennant and falling broadening wedge patterns suggest a bullish future.
