Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch By Cointelegraph

Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch

Cryptocurrency Jan 18, 2022 04:00PM ET

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Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch

Cardano (ADA) traded within striking distance of its three-week high at the start of this week, leading some investors to suggest that a trend reversal was in order. In reality, the bullish momentum is primarily connected to an anticipation of the upcoming decentralized exchange (DEX) called SundaeSwap.

ADA price rose by nearly 12% on Jan.17 to reach an intraday high of $1.60, a day after SundaeSwap announced the launch of its "fully-functional beta decentralized exchange (DEX)." Nonetheless, the upside swing also came as a part of a wider rebound trend wherein ADA jumped by almost 50% in just seven days.

ADA/USD daily price chart. Source: TradingView

Top 10 cryptocurrencies in the past 48 hours. Source: Messari

ADA/USD daily price chart featuring 100-day EMA resistance. Source: TradingView

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