Analyzing how Cardano's latest flag breakout attempt targeted $0.29
Cardano (ADA) has spent most of this year consolidating within a flag formation, keeping its broader price structure compressed across the period. A few weeks ago on 22nd August, an attempt was made by the bulls to break out of the formation. However, it was not successful. Instead, the altcoins price returned to the trading range. However, the buying activity has been more intense this time. Since its recent rebound from the 100-day EMA at around $0.19 five days ago, ADA bulls have been pushing with intent. In fact, for most of the last 24 hours, ADA recorded gains of over 10%. This, before the altcoin retraced on the charts again. In any case, the latest move brings the flag into focus again. A breakout above its upper bound will set the path towards the next resistance at $0.29. Source: TradingViewFunding rates point to growing buyer interest At the same time, there have also been some signs of greater demand on the derivatives market. According to Santiment, ADA has recorded six consecutive days of positive funding rates. This implied that those with long positions may be paying the shorts to hold onto them. The positive funding rate could facilitate ADAs price action more if it is









