Can Cardano (ADA) Stage a Bullish Breakout Prior to November?

• Cardano’s price climbed by 2.42%, climbing up to $0.3461.
• The historical pattern suggests ADA might rally around mid-November.

Despite the negative turns over the past few days, the broader crypto market has experienced a strong bullish recovery in the past few hours. Bitcoin has pushed certain altcoins up along with its $71K breakout. 

However, the price of Cardano (ADA) exhibits a notable 2.42% spike over the day. Analysts are expecting significant returns for ADA in the upcoming bull rally and it has created curiosity among traders. 

Can ADA Expect a Bullish Turn?

Besides, the Moving Average Convergence Divergence (MACD) indicator is marked above the signal line, suggesting a bullish sentiment and an incoming bull run can be expected.  

The Chaikin Money Flow (CMF) indicator is found at 0.11, indicating the increased money flow with an optimistic outlook. Consequently, the daily trading volume of ADA has reached $298 million. 

The four-hour price chart of ADA shows the upside momentum, breaking the $0.3400 level. If the uptrend persists, the asset could test and rally toward the resistance level at $0.3572. Moreover, ADA can further push the price to set new highs. 

On the flip side, if the current price momentum reverses in the upcoming days, the price could retrace down to $0.3364 or even lower if the price fails to hold the ground. 

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