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Cardano (ADA) appears to be set to on restoration $1.20 mark within days. Data CoinMarketCap shows a slight increase in trading volume of 2.83% to $1.15 billion over the past 24 hours. During the same time frame, the price of ADA fluctuated between a low of $1.07 and a high of $1.10, which shows how well it maintains price stability.
Market dynamics support Cardano's increase
As of this writing, ADA is trading at $1.08, which represents an increase of 0.44%. This puts the coin $0.12 away from reclaiming the $1.20 level. Analysts believe that this is achievable given the current market dynamics High trading volumeBitcoin performance and other ecosystem developments.
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Last month, the $1.20 level proved to be crucial resistance for an ADA breakout. However, investors seem willing to support its rise above the resistance level as they increase their purchases of the currency.
Analysts expect ADA to achieve this goal if current market momentum becomes sustainable. Additionally, other market forces that have supported ADA's bullish move are the recent gains of Bitcoin (BTC), the leading digital asset.
In the past seven days, Bitcoin has maintained a steady rise to retest the $100,000 level. Cardano’s correlation with BTC suggests that ADA could ride Bitcoin’s rally to reach the elusive $1.20 level.
Investor sentiment and ecosystem development
As mentioned, on-chain data shows growing interest from active investors, which has helped with the push Open interest to peak levels. Cardano investors are betting on the coin as futures traders are committed to it.
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Meanwhile, the Cardano ecosystem has been busy as the community looks forward to the utility update promised by Charles Hoskinson, the protocol's founder. Hoskinson confirmed that Cardano will reach new heights amid plans for decentralized governance and Bitcoin DeFi endeavors this year.
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