Cardano (ADA) has been trading in a narrow range, with resistance at $0.36 and support at $0.33, since the start of the month. The coin is showing significant signs of a possible breakout due to increasing demand and bullish indicators.
Currently, Cardano is trading at $0.35, above its Ichimoku Cloud, indicating a bullish trend where buyers dominate the market. The Ichimoku Cloud acts as dynamic support, predicting potential upward price movement.
Moreover, the Balance of Power (BoP) indicator registers at 0.44, signifying buyer control and a possible push towards higher ADA prices.
Large holder netflows for Cardano have surged over 1000% in the past week, highlighting increased whale activity and accumulation. This is a bullish indicator, suggesting the possibility of retail investor interest and further price increases.
With these conditions, a breakout above the $0.36 resistance could lead to a rally towards $0.48, last seen in June. However, if buying pressure weakens and selling intensifies, ADA could drop toward $0.33 or further to $0.30.
