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Cardano Ecosystem

The Market Periodical

03/31/2024

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Bulls Rolled Out From $0.57; Cardano Price Prediction, April 2024

Cardano price took support from the $0.5789 decisional bullish point of interest.ADA coin price increased by 2.41% during the weekly trading session.The trading volume has declined by 32.92% in the last 24...

Bulls Rolled Out From $0.57; Cardano Price Prediction, April 2024

cardano price

  • Cardano price took support from the $0.5789 decisional bullish point of interest.
  • ADA coin price increased by 2.41% during the weekly trading session.
  • The trading volume has declined by 32.92% in the last 24 hours.

Founded in 2017, Cardano (ADA) is a layer-1 blockchain platform. It allows decentralized apps (DApps) and smart contracts to be developed with modularity. The open-source project goal is to redistribute power from unaccountable structures to individuals. Cardano uses an environmentally sustainable and verifiably secure Proof-of-stake (PoS) consensus mechanism known as Ouroboros to secure its transaction layer.

Cardano has Recorded Over 150% growth in the Last Six Months

ADA coin price started a potential bullish reversal from the $0.2400 support level in October 2023. The price experienced positive remarks for three consecutive months. The cryptocurrency has recorded an upsurge of over 130% during that period.

Conversely, the price faced some negative drawbacks in January 2024, which more likely reflected a bullish correction. ADA coin lost 16.22% value during that correction period. However, the price regained bullish momentum in February, surging 31%.

The maximum supply of Cardano is capped at 45 billion tokens, and the fully diluted valuation of the project is assumed at $29.06 billion. 35.58 billion ADAs are circulating in the crypto market. The current market capitalization stands at $22.97 billion.

Price to Volume and Social Dominance Analysis

The social dominance of the Cardano has covered almost 3.8% of the entire crypto world in December 2023. Afterward, the social buzz has been slowly declining to 1.283%. The price and volume gained more attention from mid-February 2024.

Cardano social dominance reflects the decline in current phases, but the volume and price remain unbothered. The 24-hour trading volume of ADA coin is at $442 million. In addition, the volume-to-market capitalization ratio (VMR) is at 1.91%.

Technical Analysis of the Cardano (ADA) Coin

Cardano (ADA
Source: ADA/USD Daily Chart by Tradingview

ADA coin price has been moving with strong bullish sentiments since October 2023. The 50-day exponential moving average has been acting as dynamic support after the golden crossover with the 200-day EMA at $0.3075.

The Cardano price has given a breakout from a bullish flag at $0.5405. Afterward, the price surged 49% and made an immediate resistance at $0.7997. Subsequently, a short-term selling has occurred at that level, resulting in a 27% fall to $0.5789.

At press time, ADA price is gaining bullish backup from the $0.5789 decisional POI. It faces resistance from the $0.6556 supply. If the current price manages to close above the $0.6924 short-term high, a positive upsurge to $0.7997 immediate resistance can be seen.

The relative strength index (RSI) reflects an internal bullish divergence in the price momentum. This indicates increasing buying pressure in the current trading phase. RSI is moving at 47.53 above the signal line.

Summary

Cardano price has been performing with bullish sentiments since October 2023. It has given a breakout from a bullish flag on February 10, 2024. Regarding the technicals, the Cardano Price prediction for April 2024 will be bullish. If the ADA coin price halves above the $0.6924 short-term high, a positive upsurge to $0.7997 immediate resistance can be seen till April 2024.

Technical Levels

  • Resistance Levels: $0.7997 and $0.9898
  • Support Levels: $0.5789 and $0.4915
Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Adarsh Singh

Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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