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Cardano (ADA) looks set to reclaim the $1 level, which it slipped from due to market dynamics. This time, the coin might sustain the rally to breach the resistance level drawing on three unique factors in its ecosystem.
Cardano trading volume and investor interest
The increase in investors’ interest has helped push the price, as it moves up by 8.20% to $0.9769. This suggests that market participants anticipate a further asset price climb. Notably, ADA’s trading volume has soared greatly by 59.85% to $1.47 billion, according to data from CoinMarketCap.
Yuri MolchanCardano started this current price rebound from a low of $0.8893 in earlier trading and has maintained the rebound streak. ADA briefly hit a high of $0.9845 and could breach the $1 mark if the current momentum on the market is sustained.
Meanwhile, activities across different crypto exchanges show strong and even trade distribution. Cardano’s Open Interest is currently pegged at 1.17 billion ADA, worth $1.15 billion.
Interestingly, all top three exchanges in the leading trade position only differ from one another by 2%. Gate.io, Binance and Bybit are leading with 24.4%, 22.79% and 22.27%, respectively. In monetary terms, this translates to $280.78 million, $262.24 million and $256.25 million, in that order.
Other exchanges also actively trade to emphasize analysts’ prediction of a possible $1 breach very soon. Analysts project the asset could eye higher resistance levels of $1.15 once it breaks the psychological $1 mark.
Ecosystem developments and strategic integrations
Furthermore, ADA’s price action and soaring trading volume correlate with a bullish rally for Bitcoin (BTC). In the last 24 hours, BTC has risen to $96,634.92, representing a 5.31% climb. Given ADA’s correlation with BTC, investors anticipate ADA’s continued growth as BTC continues to rise.
Gamza KhanzadaevOther drivers to push ADA past the $1 mark include ecosystem development. As previously reported by U.Today, Charles Hoskinson, Cardano founder, says there is an active discussion about integrating Ripple’s RLUSD into the blockchain.
Actualizing that move could further increase Cardano’s value in the broader cryptocurrency space in the long term.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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