Since the beginning of October, Cardano is fluctuating in a relatively narrow band and is struggling to make a decisive move in either direction.
However, on-chain metrics suggest that the so-called "Ethereum killer" could be on the verge of a bullish breakout.
As of writing, ADA was down 3.5% on a daily basis at $0.1057.
Following the August-October downtrend, Cardano seems to have gone into a consolidation phase between $0.9 and $0.11.
The price tested the upper limit of this channel twice in both October and November.
After the latest failed attempt, ADA retreated to the mid-point around $0.1 and started to recover its losses.
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