Cardano Price Prediction: Looking into the Future

The Cardano price plunged 38% from $0.65 between April 1 and April 13, falling to a 2024 low of $0.40. On-chain data shows that ADA bull 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 has been on a roller coaster ride in April 2024. Starting 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, the likes of Solana (SOL) and Ethereum (ETH) have recaptured key resistance levels at $150 and $3,200 respectively, and ADA price now appears to be on the verge of a similar breakout trend.

Cardano Market Demand Outstrips Sell Orders for 30 Million ADA

At the time of writing, Cardano is trading at $0.50, having rebounded 29.91tpt3t from its low on April 13. However, judging by the current order flow placed on major exchanges, ADA appears to be on the verge of rising once again to 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 bulls have placed active buy orders for 240 million ADA at an average price of $0.49. Meanwhile, as of April 24, 2024, traders had placed sell orders for only 210 million ADA.

Basically, this means that there is now an excess market demand of 30 million ADA on the Cardano spot market. Based on the basic laws of demand, buyers may have to compete by raising their bids in order to fill their orders faster.

If this happens as expected, ADA price is expected to establish a stable support base in the $0.50 area and potentially move towards the $0.60 level as bulls seek to erase the accumulated losses from the first half of April.

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