Cardano (ADA) price remained in a buying mood on Monday following the announcement of the launch of SundaeSwap on the platform. It will be a fully functional beta centralized exchange (DEX) where projects can create trading pools for their tokens after Tuesday. Another catalyst for price action is the Cardano blockchain (ADA) welcoming Pavia.io Metaverse.
- Cardano (ADA) continued to rise on Monday with a gain of more than 7%.
- SundaeSwap, the first decentralized exchange (DeFi) to be launched on the Cardano blockchain.
- Hit a late-December high near $1.59 with strong upside momentum.
Cardano (ADA) rises above 100 EMA
Cardano is up nearly 30% from last week, the fifth largest cryptocurrency with a market cap of $51,258930,641 is by far the best performing cryptocurrency in the top 10. Volume is also up 99, 15% at $3,822,860038 in the last 24 hours.
On the daily technical chart, the price bounced back from as low as $1,057 made on January 10 and rallied to a level of $1,590. The formation of a bullish “Hammer” candlestick pattern helped to close an almost % gain from the mentioned low. Now, the bulls meet a double top formation near the December 27 high at 1,591. However, buyers looked unstoppable as the “White Three” patterns in the offering, with the first green candle, taken on Sunday with a high of 1.421, followed by a strong green candle today. The next hurdle will come to the 100-DMA, at $1,680 and also the probable target of the next day’s candle.
The bullish sentiment is further supported by the Daily Relative Strength Index (RSI) at 62. The OBV (On Balanced Volume) indicator shows steady volumes near 400m. The complete technical setup confirms the bullish thesis.
Furthermore, the pair completed a “W” pattern, signaling new rounds of buying at the ADA price, as it is a bullish reversal pattern.