Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch
Cardano (ADA) traded within striking distance of its three-week high this 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 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.
In detail, ADA's rebound began almost in sync with similar retracement moves across the cryptocurrency market. That included Bitcoin (BTC), which sharply reversed its trend on Jan. 10 after its price dipped to as low as $39,650. At press time, BTC price trades at $41,500.
ADA initially tailed the crypto market's reversal, but later continued its upside momentum on its own after taking cues from the euphoria surrounding the SundaeSwap DEX launch on Jan. 20. As a result, the ADA emerged as one of the best performers among the top-ten cryptocurrencies based on a 24-hour adjusted timeframe.
SundaeSwap's official DEX launch announcement included evidence of greater demand for ADA tokens in the future and this is typically a bullish signal for investors.
The moment we've all been waiting for has finally come!We're excited and proud to share that SundaeSwap and the ISO will be launching on the evening of Thursday, January 20th (EST)! Check out the article below! https://t.co/8oDYU6i3k9 pic.twitter.com/upgNZx2xH2
The DEX platform also introduced its native SUNDAE token and discussed three ways to distribute it among users: via an
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