The price of Cardano (ADA) has experienced a 32% decline in June 2023. This decline is largely attributed to the recent delisting of ADA by Robinhood and Bakkt. However, there are indications that Cardano may reclaim the $0.30 mark as investors on other exchanges show interest in buying the dip.

In a recent court filing, the SEC categorized Cardano (ADA) as a security. As a result, prominent exchanges such as Robinhood, Etoro, and Bakkt have chosen to delist ADA along with other notable altcoins.

Despite these delistings, on-chain data suggests that the 32% price correction of ADA is primarily driven by panic selling rather than a lack of liquidity.

It’s important to note that the three exchanges that delisted ADA are not among the top 20 crypto exchanges in terms of trading volume. Furthermore, an increase in purchase orders for ADA indicates that there is still significant demand for the cryptocurrency.

Despite Delistings, Cardano Purchase Orders are Rising

Although ADA has been delisted from certain exchanges, investors continue to place purchase orders for ADA on other crypto exchanges that still support Cardano. The Exchange Market Depth chart reflects this demand and supply levels, showing that investors have placed orders to buy 76.6 million ADA coins, while bearish traders have listed only 46.9 million coins for sale.

This data suggests that despite the legal concerns surrounding ADA, there is still a significant level of market demand for Cardano. The chart also indicates that ADA demand currently exceeds supply by about 65%, which typically leads to higher prices.

Whale Investors Have Not Lost Confidence In Cardano

While Cardano has experienced a decrease in whale transactions in the past two weeks, a broader look at the on-chain data shows that the current level of whale trading activity is still higher than what was recorded in Q1 2023. On June 19, the Cardano network recorded a total of 6,460 whale transactions, which is higher than the highest recorded number in Q1.

Whale transactions refer to confirmed transactions exceeding $100,000 in value. This data suggests that although institutional investors have reduced their trading activity due to market fears, they still have confidence in Cardano.

ADA Price Prediction: Mission to Reclaim $0.30

Considering the factors mentioned above, Cardano bulls may aim to reclaim $0.30. However, ADA needs to surpass the major resistance level around $0.27.

Notably, there are 17,650 investors who purchased 1.05 billion ADA coins at an average price of $0.27, which could provide significant resistance. If ADA manages to surpass this resistance zone, it is likely that the price will rise above $0.30 as buyers compete for the cryptocurrency.

On the other hand, if ADA fails to maintain support at the $0.25 level, it could trigger a negative price reversal. However, there are 30,780 investors who purchased 247.5 million ADA at the minimum price of $0.25, which may prevent a significant drop in price.

It’s important to note that the delisting of ADA by Robinhood and Bakkt will only take effect from June 27 and July 12, respectively. These decisions were voluntary and not mandated by the SEC or any court ruling.