Cardano, the cryptocurrency known as ADA, experienced a significant drop in price during the first half of April 2024. Plummeting from $0.65 to a low of $0.40 on April 13, ADA faced its lowest value since December 2023. However, recent on-chain data reveals that bullish traders are now strategically placing orders that could potentially reverse these losses in the second half of the month.
The rollercoaster ride for Cardano began in April 2024 when its price started at $0.65. The market crash caused ADA prices to spiral down to $0.40 on April 13, marking a significant decline.
Despite this setback, the recent Bitcoin (BTC) halving event has led to increased buying pressure on major altcoins. As a result, cryptocurrencies like Solana (SOL) and Ethereum (ETH) have successfully reclaimed key resistance levels at $150 and $3,200, respectively. ADA’s price now appears to be on the cusp of a similar breakout trend.
As of now, Cardano is trading at $0.50, showing a 29.9% rebound since the dip on April 13. Analyzing the current flow of orders on prominent exchanges, it seems that ADA is poised for another upward movement towards the $0.65 milestone. The Aggregate Exchange Order Books chart from IntoTheBlock provides insight into the level of active buy and sell orders for Cardano across 10 major crypto exchanges, including Binance and Coinbase.
According to the chart, Cardano bulls have placed active orders to buy 240 million ADA at an average price of $0.49. In contrast, traders have only listed 210 million ADA for sale as of April 24, 2024. This indicates a surplus market demand of 30 million ADA in the Cardano spot markets. Following the laws of demand, buyers may need to increase their bid prices to fill their orders more quickly.
If this prediction becomes reality, ADA’s price is likely to establish a strong support level above $0.50 and potentially move towards the $0.60 mark. Bulls are aiming to recover the losses incurred during the first half of April.
It is important to note that this article provides informational content and should not be considered financial advice. The views expressed herein may include the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.
