Cardano (ADA) was trading within striking distance of its three-week high earlier this week, leading some investors to suggest a trend change was needed. Actually, the bullish momentum is mostly related to an anticipation of the upcoming decentralized exchange (DEX) called SundaeSwap.
ADA price surged nearly 12% on Jan. 17 to hit an intraday high of $1.60, a day after SundaeSwap announced the launch of its “fully functional beta decentralized exchange (DEX).” However, the swing to the upside also came as part of a broader rebound trend in which ADA surged nearly 50% in just seven days.
Daily price chart of the pair. Source: TradingView In detail, the ADA rally started almost in sync with similar pullbacks in the cryptocurrency market. That included (), which dramatically reversed its trend on Jan. 10 after its price fell to $39,650. At press time, the price of BTC is trading at $41,500.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.