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Cardano (ADA) appears to be ready for this Restore the $1 levelfrom which it slipped due to market dynamics. This time, the coin may sustain the rally to break through the resistance level depending on three unique factors in its ecosystem.
Cardano trading volume and investor interest
An increase in investor interest helped push the price, as it rose 8.20% to $0.9769. This indicates that market participants expect further rise in asset prices. Notably, ADA trading volume rose significantly by 59.85% to $1.47 billion, according to Data From Coin Market Cap.
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Cardano started this current price rebound from the low of $0.8893 in the previous trading and maintained the retracement line. ADA briefly reached a high of $0.9845 and could break through the $1 mark if the current market momentum continues.
Meanwhile, activities across various cryptocurrency exchanges show a strong and even trading distribution. Cardano Open interest Currently pegged at 1.17 billion ADA, worth $1.15 billion.
Interestingly, all the top three exchanges of the leading trading center differ from each other by only 2%. Gate.io, Binance, and Bybit lead 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 are also trading actively to confirm analysts' predictions of a possible $1 breakout very soon. Analysts expect that the assets could be seen Higher resistance $1.15 levels once the $1 psychological mark is broken.
Ecosystem developments and strategic integration
Moreover, ADA price action and rising trading volume are linked to Bitcoin (BTC)'s bullish rally. In the past 24 hours, Bitcoin rose to $96,634.92, representing a 5.31% rise. Given ADA's correlation with BTC, investors expect ADA to continue to grow as BTC continues to rise.
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Other drivers for pushing ADA beyond the one-dollar mark include ecosystem development. Ditto I mentioned By U.Today Charles Hoskinson, founder of Cardano, says there is an active discussion about integrating Ripple's RLUSD into the blockchain.
Enabling this move could increase Cardano's value in the broader cryptocurrency space in the long term.
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