Cardano Price Prediction: Is ADA Price Awaiting a Sudden Boom?

At press time, the Cardano price was trading close to $0.61 reporting a 3.39% gain in Intraday.
The ADA crypto made a breakdown of the 20 and 50 day exponential moving average suggesting a weakness on the daily chart.

The Cardano price has been recovering the losses in the last couple of sessions and trying to get back above the 20 and 50 day EMA. The price noted a sharp fall in the last week and made a breakdown of the dynamic support of 20 and 50 day EMA.

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 EMA 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, any sustained move above the 20 and 50 day EMA may validate the termination of a short term trend and the crypto may advance towards the higher supply levels.
Cardano Crypto Development Activity Insights

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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.

Looking at the data it was observed 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.

<iframe title="Santiment Chart: Total Open Interest in USD (ADA), Price (ADA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=cardano&pt=ADA&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=total_open_interest%3Bprice_usd&wax=0%3B1&wc=%23FF5B5B%3B%2326C953&ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe>

The OI data shows the Total number of open contracts in the ADA Crypto. The IO data analysis saw a continuous rise in the number of OI contracts up to February last week sessions. 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 indicates a potential decline in the upcoming sessions.
Active Wallets Declined In The Recent Sessions.

<iframe title="Santiment Chart: Price (ADA), Active Addresses 7d (ADA), Active Addresses 24h (ADA)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=cardano&pt=ADA&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=price_usd%3Bactive_addresses_7d%3Bactive_addresses_24h&wax=0&wc=%2326C953%3B%23FFCB47%3B%23FF5B5B&ws=%7B%22node%22%3A%22area%22%7D%3B%3B" scrolling="no"></iframe>

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 also declining since 1st week of March 2024.

This illustrates that less people are using and trading the token, which is implying a lesser demand and value for the token as the active addresses of ADA tokens are decreasing 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.

On the most bullish observation, The Cardano crypto 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.
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 EMA indicating a short term correction.

Now, if the bulls are able to surpass the dynamic support of 20 and 50 day EMA, 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

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