Cardano
Cardano tests flag pattern resistance following surge in trading volume
Cardano's recent price rebound and positive derivatives funding rates have brought a multi-month flag chart pattern back into focus.
Cardano has spent the majority of the year consolidating within a technical flag formation, following an unsuccessful breakout attempt on August 22. After rebounding from its 100-day exponential moving average near $0.19 five days prior, the token recorded intraday gains above 10% across 24 hours before experiencing a retracement.
Derivatives indicators reflect rising long interest, with Santiment recording six consecutive days of positive funding rates. The article notes that while positive funding indicates long traders are paying shorts to maintain positions, concentrated long exposure raises the potential risk of liquidations if the price fails to break out.
Trading activity expanded alongside the move, with 24-hour network volume surpassing $747 million. Data from DefiLlama also showed Cardano's fully diluted valuation advancing to roughly $9.95 billion. Technical resistance remains focused at the flag formation boundary, which analysts consider the pathway toward the $0.29 level if sustained buying continues.
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