Cardano Price: Redefining the Future of Cryptocurrency

The Cardano price plummeted 38% between April 1 and April 13, from $0.65 to a low of $0.40 on April 13, 2024. On-chain data shows that ADA long traders are 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 has been on a roller coaster ride in April 2024. Opening the month at $0.65, the market crash caused the ADA price to drop to $0.40 on April 13, its lowest point since December 2023.
However, following the Bitcoin (BTC) halving, cryptocurrency investors stepped up buying pressure on large-cap altcoins.
This week, cryptocurrencies like Solana (SOL) and Ethereum (ETH) have recaptured the key resistance levels of $150 and $3,200, and ADA price now appears to be on a similar breakout trend.
Cardano Market Demand Outstrips Sell Orders for 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 heading towards the $0.65 milestone.
IntoTheBlock’s composite exchange order book chart shows the current levels of active Cardano buy and sell orders placed on 10 major cryptocurrency exchanges, including Binance and Coinbase.
The above chart shows that Cardano bulls have placed orders to buy 240 million ADA at an average price of $0.49. Meanwhile, as of April 24, 2024, traders have only put 210 million ADA up for sale.
Basically, this means that there is an excess market demand of 30 million ADA in the Cardano spot market. Based on the basic laws of demand, buyers may have to compete by raising their bids to get orders filled more quickly.
If this develops as predicted, ADA price is expected to establish a stable support base above the $0.50 area and could potentially head towards the $0.60 level as the bulls attempt to erase the losses in the first half of April.
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