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After noting a brief recovery, Cardano (ADA) price crashed in keeping with the overall market movement.
Notably, the coin found a new support level at $0.73, as a momentary dip below this price was swiftly cleared off.
At the same time, Cardano traders have committed over one billion ADA in Open Interest.
What Growing Open Interest Signals For Cardano Price
According to CoinGlass data, 1.07 billion ADA, valued at $781.02 million, are now placed on ADA futures bet.
The increased figures indicate that Cardano investors have rekindled their interest in the coin, possibly due to the price action.
Analysts opine that the uptick in different ADA metrics suggests traders anticipate a likely price breakout.
ADA price has been teasing possible rallies as the coin’s value has increased by 1.46% in the last seven days.
Its 11.04% growth in the last 30 days further boosts confidence among market participants closely monitoring price movements.
According to market data, ADA has lost 4.98% of its value to trade at $0.6954 as of this writing.
The slight drop has not affected traders’ confidence in betting on ADA futures.
CoinGlass reveals that most of these traders were pitched with Binance, with 22.83% of the Open Interest figures. These traders committed 243.68 million ADA worth $178.34 million.
Other exchanges were Bitget, Gate.io, and Bybit, with 20.27%, 18.27%, and 15.9%, respectively.
These four exchanges registered over $100 million worth of ADA.
Nubank’s ADA Adoption Expands Market Reach
In the broader Cardano ecosystem, the adoption of ADA has surged, with a potential addition of over 100 million users. This development followed Nubank’s addition of Cardano to its services.
Nubank is a major digital bank in Latin America with users in Brazil, Mexico, and Columbia.
According to an update by Frederik Gregaard, Cardano Foundation President, Nubank customers can now buy, sell, and interact with ADA via the bank’s platform.
According to Thomaz Fortes, Executive Director of Nubank’s Crypto and Virtual Assets, the move highlights the bank’s commitment to providing diversified crypto assets.
It assures clients that Nubank will continue to expand its portfolio to meet their needs.
Currently, Nubank offers its users 20 different crypto assets, and the inclusion of ADA signals institutional trust in Cardano.
Leios Upgrade Could Revolutionize Cardano’s Scalability
Meanwhile, Cardano’s founder, Charles Hoskinson has clarified a game-changing upgrade on the protocol.
Notably, Hoskinson referred to Ouroborus Leios, which has been developing for six years.
Responding to a user who asked if other chains were utilizing Leios, Hoskinson emphasized that the new technology is specific to Cardano.
According to him, it aims to address the “blockchain trilemma.”
That is the challenge of balancing decentralization, security, and scalability without compromising any of the three.
Experts consider this a remarkable development as many blockchains struggle to achieve all three aspects simultaneously.
They opine that Leios would likely introduce mechanisms to enable faster and more seamless blockchain transactions while maintaining network integrity.
Market observers expect the Nubank adoption and Leios upgrade to affect Cardano’s price positively.
There are predictions that if ADA sustains its current upward trajectory and breaches the $0.77 resistance, it could retest the $1 level.
Such a development could mean that ADA is truly on the path to recovery. As of now, market participants remain glued to price movements while anticipating the manifestations of Cardano.
