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

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Cardano ( ADA ) traded within striking distance of its three-week high at the start of this week, leading some investors to suggest that a course reversal was in order. In world, the bullish momentum is primarily connected to an anticipation of the upcoming decentralize exchange ( DEX ) called SundaeSwap. ADA price rose by about 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 ). ” however, the top swing besides came as a part of a wide rebound course wherein ADA rise by about 50 % in barely seven days .9e7df903 368e 46be b014 0d1ef8aae0a3ADA/USD daily price chart. Source: TradingView In detail, ADA ‘s recoil began about in synchronize with similar retracement moves across the cryptocurrency market. That included Bitcoin ( BTC ), which sharply reversed its swerve on Jan. 10 after its monetary value dipped to american samoa low as $ 39,650. At press time, BTC price trades at $ 41,500. ADA initially tailed the crypto market ‘s reversion, but late continued its top momentum on its own after taking cues from the euphoria surrounding the SundaeSwap DEX launch on Jan. 20. As a solution, ADA emerged as one of the best performers among the top-ten cryptocurrencies based on a 24-hour adjust timeframe.

24944103 9b3f 4403 9632 b1cd36bc4477Top 10 cryptocurrencies in the past 48 hours. Source: Messari

What makes SundaeSwap bullish for ADA?

SundaeSwap ‘s official DEX launching announcement included evidence of greater demand for ADA tokens in the future and this is typically a bullish sign for investors .

The DEX platform besides introduced its native SUNDAE nominal and discussed three ways to distribute it among users : via an initial stake offer ( ISO ) round, succumb farm and direct exchange-based conversion. Discussing the ISO round, SundaeSwap explained that it would distribute 5 % of the sum SUNDAE add via five epochs. Each epoch represents a five-day wages cycle wherein users delegate their adenosine deaminase tokens into a impale consortium. “ If you want to make sure you qualify for all five ISO reward rounds, you must have ADA staked with eligible SPOs [ Stake Pool Operators ] before 21:45 coordinated universal time on January 25, ” the DEX ‘s announcement read, adding :

“Your reward will be calculated based on the snapshot taken at that time, and at the same time at each subsequent epoch boundary.”

ba5c0c29 4c51 47ee 8841 9a78e1f096fb meanwhile, the render farming program saw SundaeSwap adding four ADA-based liquidity pools : SUNDAE/ADA, LQ/ADA, WMT/ADA and CARDS/ADA. The DEX besides allocated 500,000 SUNDAE per sidereal day from January through June.

ADA to $2?

The SundaeSwap-led bounce pushed ADA toward its 100-day exponential move modal ( 100-day EMA ; the gloomy roll ) near $ 1.57 .35b2632f 4858 4faa 890c 742fadf95fddADA/USD daily price chart featuring 100-day EMA resistance. Source: TradingView Additional bullish cues have besides been coming from the anticipate launch of Pavio, Cardano ‘s first metaverse undertake. Pavio is a Decentraland-like virtual estate startup with some 100,000 land parcels, each being minted as a unique nonfungible token ( NFT ) with coordinates. The advent of the Metaverse in the crypto sector in the past months and Cardano ‘s involvement in it may boost demand for ADA promote. Related: Meta poaches staff from Microsoft and Apple for metaverse plans This raises the hypothesis for Cardano to close above its 100-day EMA resistance wave, thus shifting the next top target toward the 200-day EMA near $ 2. conversely, risks of an overall crypto market crash led by the U.S. Federal Reserve ‘s taper programs this class could spoil ADA ‘s bullish apparatus to an extent.

“ While ADA is far from its peak, the prospect of obtaining more scalability as character of its 2022 roadmap explains why investors appear to be betting large on Cardano. This decimal point was besides noted by Liam Bussel, the headman market military officer of Cardano-native DEX WingRiders in a statement to Cointelegraph. Bussel said ,

“In a world characterized by high performance and novel use cases, Cardano will be able to keep up and lead the pack. As a result, a weekly closing above $1.80 is likely, barring any last-minute profiteering by sellers.”

The views and opinions expressed here are entirely those of the writer and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading go involves risk, you should conduct your own inquiry when making a decisiveness .

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