Cardano (ADA) Price Set for $0.35 Breakout: Key Indicators to Watch

ADA Price Analysis

Cardano price hovered around $0.33 on Wednesday, Aug 13, having consolidated within a narrow 2% range over the past three days. On-chain data indicates growing market demand for ADA, which could spark a breakout soon.

Cardano Price Stagnates at $0.33

ADA, the native coin of the Cardano blockchain, has underperformed the broader crypto market over the past week.

Despite the global cryptocurrency market cap growing by more than 25%, adding over $450 billion since Aug 5, due to bullish news events like Solana ETFs being approved in Brazil and Russia legalizing crypto mining, Cardano Price remained relatively subdued.

Cardano Price rose from $0.28 to $0.33, reflecting a modest 21% gain. However, ADA has stagnated around the $0.33 level for the last three days. Despite this, recent data suggests that demand for ADA is on the rise.

ADA Witnessing $17M Excess Demand

After three days of stagnation, growing market demand could soon push Cardano Price into a significant breakout. On-chain data reveals that traders have been accumulating buy orders for ADA this week.

The Exchange Order Books chart, often a bullish indicator, shows a total of 411.7 million ADA buy orders against 360.7 million sell orders.

This represents an excess demand of 51 million ADA, valued at approximately $16.83 million at the current Cardano Price. This significant demand imbalance suggests that bulls are gaining control.

Two key factors could make this bullish in the coming days: First, the excess demand indicates strong buyer interest, which could drive prices higher. Second, with market sentiment leaning positive, Cardano price could benefit from broader crypto market trends.

ADA Price Forecast: $0.35 Target in Sight?

Despite the recent consolidation, technical indicators suggest that Cardano Price may be poised for further gains. The Keltner Channels (KC) indicator highlights key resistance at $0.35 and support at $0.28. If Cardano Price can break above the upper KC band at $0.35, it could trigger a bullish momentum, potentially pushing the price higher.

Conversely, a decline below the lower KC band at $0.28 could lead to further downside. However, given the current demand dynamics, the likelihood of ADA price holding above $0.33 remains strong, setting the stage for a potential breakout towards $0.35.

In conclusion, Cardano shows signs of resilience, supported by growing market demand and favorable technical indicators. A breakout above $0.35 could be the next significant move for ADA in the days ahead.