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ADA’s Bullish Rally: Will ADA Price Exceed $0.30?

Leon Kramer

ByLeon Kramer

Jun 21, 2023

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ADA’s recent delisting from top exchanges like eToro, Robinhood, and Bakkt has affected its bullish price action. As a result, the cryptocurrency’s price has declined by 22.9% in the last 30 days.

Nevertheless, several factors indicate that Cardano’s native token may soon embark on a fresh bullish cycle and trade above the $0.30 mark.

ADA’s Purchase Orders Soar

The Exchange Market Depth chart revealed that bulls have open buy orders of up to 77 million ADA coins, while bears have listed only 46.9 million coins. Thus, indicating that the investors are purchasing ADA from exchanges that still list the token on their platform.

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This suggests that Cardano is still attracting a healthy level of market demand, with ADA’s demand currently outpacing supply by nearly 65%. Such a significant demand over supply typically incentivizes sellers to charge higher prices.

If this happens as predicted, it’s only a matter of time before the increasing demand pushes the ADA price above $0.30.

WhaIes Remain Confident

Although Cardano has recently experienced a drop in whale transactions, the current level of whale trading activity is still much higher than the volumes recorded in Q1 2023. For instance, the Cardano network recorded 6,460 whale transactions on June 19, while the highest in Q1 was 6,450 on February 7.

While whale investors haven’t lost their confidence in Cardano, they have scaled down their trading activity due to market fears. Hence, intense buying pressure by the whales could cause them to reclaim $0.30 in the coming weeks.

Is ADA Set For A Comeback?

Besides the recent FUD pervading the crypto market space, the delisting of ADA by top crypto platforms (notably Robinhood and Bakkt) has contributed to its price decline. However, the effects of these delistings may be insignificant since these exchanges do not rank among the top 20 crypto exchanges by trading volume.

Hence, the rising volume of purchase orders indicates that ADA has yet to experience a significant decline in demand. The panic selling triggered by the delistings has driven the coin’s price correction more than a liquidity crunch.

As the market FUD clears, Cardano will likely reclaim $0.30 as the bulls intensify the buying pressure.

Experts’ Predictions

According to experts, ADA must overcome the $0.27 level resistance. Data shows that nearly 17,700 investors bought 1.05 billion ADA coins around this price region.

If ADA surpasses this resistance zone, the bulls would have enabled the coin to reclaim the $0.30 level. However, if the bears prevail, ADA would find support around the $0.25 region.

Furthermore, if the bears sustain the selling pressure, ADA’s next crucial support level will be the $0.21 region.

Conclusion

The surge in developer activities within the Cardano ecosystem and its strong community shows that the network still has much growth potential. With investor confidence still going strong, including the positive sentiment of whale investors, it shouldn’t be surprising if ADA reclaims the $0.30 level soon.

Nevertheless, as with other crypto assets, events in the broader crypto market and macroeconomic fundamentals will still play a key role in its price movement. At the time of writing, ADA trades at $0.28 and is up 6.5% in the last 24 hours, according to Coingecko data.

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Leon Kramer

Leon Kramer

Leon Kramer, a renowned financial author, enlightens Main Forex News readers with his deep understanding of currency markets. His years in global finance, combined with an intuitive grasp of trends, delivers insightful, up-to-the-minute foreign exchange analysis.

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