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- 1 At press time, the Cardano price was trading close to $0.61, reporting a 3.39% gain.
- 2 The ADA crypto broke the 20 and 50 day exponential moving averages highlighting weakness on the daily chart.
The Cardano price has been recovering the losses in the last couple of sessions and tried to get back above the 20 and 50 day EMAs. The price noted a sharp fall last week and broke below the dynamic support of 20 and 50 day EMAs.
However, the long term trend outlook is still positive above the dynamic support of 200 day EMA. The recent breakdown has added some sort of weakness in the trend however, the bulls may make a comeback at the lower levels if the price bottoms out and rises above the 50 day EMA.
On the higher side, the 20 and 50 day EMAs may act as a hurdle for the buyers and try to drag the price lower. Currently, the price seems to have entered a short term correction and might maintain it until price surpasses the short term EMAs.
Now, hovering above the 20 and 50 day EMAs may validate the termination of a short term trend and the crypto may advance towards the higher supply levels.
Cardano Crypto Development Activity Insights
The development activity and developers activity count depicts the updates and changes prevailing in the backend of the Cardano crypto. A development activity indicates the positive growth of ADA in the near Future.
The data shows that the development activity and number of developers decreased sharply in December 2023. However, the development activity has been rising continuously since January. The present day development activity contributors count is 25.
Cardano Price Suffers As IO Data Dropped
The OI data shows the total number of open contracts in the ADA Crypto. The IO data analysis saw a steady rise in the number of OI contracts up to February last week. However after that OI data started forming a bearish curve and later on, the price also noted a sharp fall from the highs. This OI data is declining, indicating a potential decline in the upcoming sessions.
Active Wallets Declined In The Recent Sessions
The number of distinct addresses in the ADA token that participated in a transfer for the given asset in the past 24-hour window is declining, and the 7-day window is declining since the 1st week of March 2024.
This illustrates that less people are using and trading the token, highlighting low demand and value for the token as the active addresses of ADA tokens decreased in the last one month. Comparing this with ADA price, it was observed that the crypto also noted a fall after topping out in the 2nd week of March and noted a 26% decline by the 1st week of April.
Cardano Price Prediction April 2024
The most bullish observation is that Cardano could rise to a high of $0.79 by the end of April 2024 if it surpasses the recent supply of $0.63. On the flip side, the most pessimistic prediction of our analysts is for the price to break below the recent support of $0.56 level after which the price may fall to $0.50 level.
Conclusion
The Cardano price has been recovering the losses in the last couple of sessions and has surged nearly 7% in the last three sessions. The crypto is up nearly 3.39% intraday and was hovering close to $0.61 at the time of writing. The recent fall has dragged the crypto below the 20 and 50 day EMAs indicating a short term correction.
Now, if the bulls surpass the dynamic support of 20 and 50 day EMAs, it may validate a breakout of the correction phase and the crypto may continue to draw positive trajectories thereafter.
Technical levels
- Support Levels: $0.50 and $0.40
- Resistance Levels: $0.65 and $0.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
