Update On $ADA

Cardano's price has surged 8.38% in the last three days, outperforming other high-priced coins. This suggests that Cardano network developments are impacting the price.

Exchange Netflows Reveal Bullish Sentiment

Investors' confidence in Cardano is growing, as reflected in the $ADA exchange netflows. A negative netflow of $5.73 million worth of $ADA on August 20 indicates that investors are holding onto their coins in anticipation of higher prices.

Cardano Price Analysis

#ADABullish price broke out from a descending wedge on August 20, a bullish reversal signal. The price is likely to find resistance at $0.3612 and beyond that $0.4054. If the price pulls back, the previous resistance level near $0.3480 could provide buying opportunities.

The price increase and rising open interest suggest that Futures traders are opening longs, which is bullish. Positive network developments and optimistic investors could lead to an explosive rally. Cardano price is expected to make higher highs soon.

If Cardano price manages to break and hold above $0.3712, it could signal a more sustained move upward. Longer-term positions could target higher resistance levels, such as $0.4500. If the price fails to hold above $0.3480, it may signal market weakness and result in more downside.