Cardano Bulls Push for Breakout Above Flag Pattern Resistance
Cardano's price has been consolidating within a flag formation for most of this year. Recently, there was an attempt to break out above the formation on August 22nd, but it failed and the price returned to its trading range.
However, since rebounding from the 100-day EMA at around $0.19 five days ago, the bulls have been pushing with intent. The altcoin's price has recorded gains of over 10% in the last 24 hours before retracing again.
The latest move brings the flag back into focus, and a breakout above its upper bound will set the path towards the next resistance at $0.29. Funding rates have also pointed to growing buyer interest, with six consecutive days of positive funding rates recorded by Santiment.
Additionally, Cardano's trading activity has accelerated alongside the latest price move, with a 24-hour volume rise to over $747 million and its Fully Diluted Valuation climbing to around $9.95 billion.