Cardano Bulls Eye $0.29 Breakout as Volume Surges

Cardano's price has been consolidating within a flag formation for most of this year. However, in recent weeks, bulls have made an attempt to break out above the upper bound, but so far, it hasn't been successful.

The latest move, which saw ADA record gains of over 10% before retracing, brings the flag into focus again. A breakout above its upper bound will set the path towards the next resistance at $0.29.

There are some signs of growing demand on the derivatives market. ADA has recorded six consecutive days of positive funding rates, implying that those with long positions may be paying the shorts to hold onto them.

The surge in volume, which rose exponentially above $747 million, also matters as a breakout supported by heavier volume would carry more weight than the failed attempt seen on 22nd August.