Price prediction: smart guesses

The Cardano price fell 38% between April 1 and April 13, from $0.65 to its 2024 low of $0.40. On-chain data shows that ADA long traders are now initiating strategic orders that could potentially reverse losses in the second half of the month.
ADA rebounded 30% in the second half of April
Cardano price experienced a roller coaster ride in April 2024. Priced at $0.65 at the start of the month, the market crash pushed ADA prices to $0.40, its lowest point since December 2023.
However, following the Bitcoin (BTC) halving, cryptocurrency investors stepped up buying pressure on large-cap altcoins.
This week, the likes of Solana (SOL) and Ethereum (ETH) have re-crossed the key resistance levels of $150 and $3,200, and ADA price now appears to be on the verge of a similar breakout trend.
Cardano Market Demand Exceeds Sell Orders by 30 Million ADA
As of this writing, Cardano is trading at $0.50, having rebounded 29.91tpt3t since its April 13 low. However, judging by the current order flow placed on major exchanges, ADA appears to be on the verge of another rally towards the $0.65 milestone.
IntoTheBlock’s ‘Composite Exchange Order Book’ chart shows the current levels of Cardano buy and sell orders placed on 10 major cryptocurrency exchanges, including Binance and Coinbase.
The above chart shows that Cardano long traders have listed active orders to buy 240 million ADA at an average price of $0.49. Meanwhile, as of April 24, 2024, traders have only offered 210 million ADA for sale.
Basically, this means that there is now an excess market demand of 30 million ADA on the Cardano spot market. Under the basic laws of demand, buyers may need to compete by raising their bids to fill their orders faster.
If this prediction comes true, ADA price is expected to establish a stable support base in the $0.50 area and could potentially move towards the $0.60 level as bulls seek to erase the accumulated losses incurred in the first half of April.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.