Amid a bearish sentiment on the wider cryptocurrency market, Cardano (ADA) might be looking at a bullish breakout soon, thanks to its futures volume experiencing a massive spike to a five-month high and indicating rising trader interest.
Indeed, Cardano futures have exploded from below $4 billion to a whopping $6.96 billion in the past few weeks, having reached their highest level in five months, according to the observations shared by popular crypto trading expert Ali Martinez in an X post on August 18.
Where is Cardano price going next?
This could indicate a breakout to the area between $1.10 and $1.25 as crucial resistance seen respectively by Martinez and fellow analyst Dan Gambardello, who posted a chart analysis on August 17 in which he suggests that “it would be a very important bull market indicator for Cardano.”
More recently, Martinez also observed a buy signal on Cardano’s hourly chart from the TD Sequential indicator, suggesting that ADA “could be ready to bounce” amid the overall pessimistic sentiment in the crypto industry triggered by the hotter-than-expected inflation data.
Meanwhile, Cardano is changing hands at the price of $0.91, recording a drop of 5.76% in the last 24 hours, but nonetheless accumulating an increase of 14.72% across the past week, and a 10.15% advance on its monthly chart, according to the latest CoinMarketCap information.
Elsewhere, Bitcoin (BTC) is struggling to keep its head above its support level of $115,000 and prevent further decline to $110,000 as the latest macroeconomic developments have halted its race towards hitting a new all-time high (ATH).
What do you think?
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