Cardano Price Hinges on Breaking Key Overhead Supply Zone

Cardano's price has been holding steady at $0.20 despite a recent rally in Bitcoin that saw it briefly surpass $80,000. The altcoin's momentum has been impressive, with a 2.42% gain in the past 24 hours and an increase of 17.7% over the past month.

The Cardano price has also climbed above its 20-week Moving Average at $0.198, but it is still below the key overhead supply zone of $0.26-$0.28. To signal a long-term uptrend, investors need to see a breach of the $0.2887 swing high from May.

However, the CMF (Commodity Money Flow) indicator suggests that capital outflows are occurring on the weekly timeframe, indicating that some investors may be taking profits or exiting their positions.