Article about the IOMAP model (International Organization of Migration’s Five-Yearly Migration Projections model) and its prediction on the resistance level of bitcoin. The IOMAP model estimates the flow of migrants in the world.
IOTA has seen significant gains over the past week but is still looking to break the $1.50 resistance level. IOTA/USD is currently down 0.07% and looking to close the day at $1.51. IOTA/BTC is down 0.18% at 0.0022221.Summary of the situation
- (The IOMAP model shows that sellers pull ADA under the dredge.
- Cardano opened the daily chart at $1.4730.
- At the time of writing, Cardano is trading at $1.4860 to the US dollar.
Gimbal price analysis: Price Overview
The divergence of the converging moving averages marked a bullish cross on the 4-hour chart, confirming this morning’s continuation of the upward trend. On the other hand, Cardano’s RSI has moved from the neutral zone to the buy zone, indicating a bullish advantage. The IntoTheBlock IN/OUT model of money around price (IOMAP) shows sellers pulling ADA under resistance between 1.53 and 1.58, where 138,100 addresses ADA 2.87 billion. This range suggests that ADA will trend higher above $1.53 and face more resistance if it breaks above $1.58. While there is support at the current price level around $1.44 – $1.49, IOMAP cautions that this is not strong support and warns traders of a downward trend in the medium term. Source: IntoTheBlock Nevertheless, the short-term outlook on Cardano’s chart is bullish. The most prominent support is at $1.45 on the 4-hour chart. In doing so, it marks a bullish trend with three white soldiers from the higher daily low and marks an intraday high at $1.4863.
Cardano price movement in the last 24 hours
Cardano opened the daily chart at $1.4730. The bulls tried to build a rally through yesterday’s close, but their strength could not sustain the trend in the early morning hours. This led to a breakout below the second support level at $1.4700 and a drop to $1.44. The daily range is very wide and has a large interval, which indicates high volatility, which indicates high activity and profitability for daily traders. Source: TradingView
Chart of Cardano’s 4-hour course Strong defense supported by $1.45
At the time of writing, the ADA is trading at $1.4860 against the US dollar. The RSI is in the overbought zone, but could move to a neutral signal. The bulls are firmly defending the $1.45 support level and have already confirmed the uptrend by attempting to break through the $1.5 price level and eventually reach the 50-day simple moving average.
Output of price analysis of the gimbal
Just a year ago, Cardano (ADA) was trading at $0.18. The currency has already touched the $2.00 level today and is currently trading in a range of $1.33 to $1.94. Despite the recent downturn in May, the Mint has had a good start to the year. It’s also a green room, which means it’s environmentally friendly. Founder Charles Hoskinson (also a co-founder of Ethereum) has gone even further by asking Tesla CEO Elon Musk to adopt ADA as a native payment token for the automaker.