Monday, May 16

Cardano Goes “Full” With 50% ADA Hike Ahead Of SundaeSwap Launch By Cointelegraph

©Reuters. Cardano Goes “Full” With 50% ADA Raise Ahead Of SundaeSwap Launch

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.

Read the full article on Cointelegraph

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