Cardano Price Forecast: Can this 30M Signal drive ADA to $0.6？

Cardano price tumbled 38% from $0.65 to a 2024 bottom of $0.40 between April 1 and April 13. On-chain data shows ADA bull traders are now mounting strategic orders that could potentially reverse the loses in the second-half of the month.

ADA Rebounds 30% in Second Half of April

Cardano price has been on a rollercoaster ride in April 2024. Starting the month at $0.65, the market crash sent ADA prices spiraling towards $0.40 on April 13, its lowest since December 2023.

Cardano ADA Price Action

However, following the Bitcoin (BTC) halving, crypto investors have intensified buying pressure on mega cap altcoins.

This week, the likes of Solana (SOL) and Ethereum (ETH) have reclaimed 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 Has Exceeded Sell Orders by 30 million ADA

Cardano price is exchanging hands at $0.50 at the time of writing, having rebounded 29.9% since the April 13 dip. However, looking at the flow of orders currently placed across prominent exchanges, ADA appears on the verge of another leg-up towards the $0.65 milestone.

IntoTheBlocks Aggregate Exchange Order Books chart presents the current level of active Cardano buy/sell orders placed across 10 prominent crypto exchanges, including Binance and Coinbase.

Cardano ADA Aggregate Exchange Orders April 24 2024 | Source IntoTheBlock

The chart above shows that Cardano bulls have listed active orders to purchase 240 million ADA at an average price of $0.49. Meanwhile, traders have only put 210 million ADA up for sale as of April 24, 2024.

Essentially, this implies that theres now an excess market demand of 30 million ADA in the Cardano spot markets. Going by the cardinal laws of demand, buyers may have to compete by raising their bid prices to get their orders filled quicker.

If this scenario plays out as predicted, ADA price looks set to establish a steady support base above the $0.50 territory and possibly advance towards the $0.60 level, as bull seek to erase the backlog of losses from the first half of April.