Cardano (ADA) price grew by 30% in November to seal its second consecutive positive month-on-month performance.
Bullish traders have placed active orders to purchase another 41.7 million ADA around the current prices, significantly outpacing sell orders.
Technical indicators show how ADA price could hit $0.50 if it breaks above the critical resistance area at $0.40.
Cardano (ADA) price grew by 30%, as it increased from $0.29 to $0.39 in November 2023. This seals its second consecutive positive month-on-month performance after posting 20% growth in October 2023. A vital on-chain trading metric shows that the bulls remain firmly in control of the ADA markets.
After 20% and 30% gains in October and November respectively, how high can the ADA price reach in December 2023?
Bullish Traders Place New Orders for 285 Million ADA
Cardano price action in the last two months has been largely positive. But despite double-digit gains in October and November respectively, on-chain data trends show that the Cardano bulls are still gunning for more gains in December.
IntoTheBlock’s Aggregate Exchange Order Books chart, is a vital on-chain metric that affirms this bullish outlook.
Recent readings from the trading logs of 10 crypto exchanges shows that the Cardano bulls currently have the upper hand. As depicted below, bullish ADA traders have placed buy-orders for 285 million ADA at an average price of $0.38.
Meanwhile, the sellers have only put 276 million ADA coins up for sale around the current prices.
Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.