Smart contract platform Cardano launched its first DEX on the testnet.
Its in-house token ADA jumped 7% in response.
YEREVAN (Coinchapter.com) – Charles Hoskinson, the brains behind the blockchain platform Cardano, announced Monday the launch of the first-ever decentralized exchange (DEX) on their testnet. Traders picked the news as bullish for Cardano’s native token, ADA, which surged 7% in a day in response.
Despite the high-profile launch, the Cardano team admitted that the SundaeSwap platform had bugs.
Might have to rebrand to MondaeSwap… In all seriousness, we’ve found a bug with our scoopers renewing scooper licenses. We are cleaning that up, and as soon as it’s completed testnet will be live for use. Thank you for staying patient with us!
read their tweet.
In the comment section of the announcement, various users complained about the difficulty of Yoroi, a light-client wallet for Cardano integration. The frequency of the complaint prompted one of the responders to post a tutorial video that would help the troubled users.
Meanwhile, the official Twitter channel called the DEX the “sweetest exchange on Cardano” and urged the platform users to give it a try. The team also left a form to fill out in case the users encounter any “bugs, issues, or have recommendations.”
Additionally, Cardano announced a significant milestone, as the platform reached one million delegated Cardano wallets.
ADA jumped 7% in response to the announcement. However, the overall climate on the market remained quite grim, with red candles across Bitcoin and altcoin charts.
ADA daily chart
Cardano’s technicals did not look reassuring, despite the bulls’ successful 7% pump. In mid-November, the digital asset broke out of the bearish Descending Triangle formation and declined, compliant with the setup. The Triangle’s resistance trendline capped ADA’s bullish attempts and drove the price swing down.
As of publication, the asset held over a significant support bar at $1.42, while the ADA/USD exchange rate stood at $1.44. If ADA retests the support, it could source further assistance from the bar and try to reach its 20-day exponential moving average (EMA-20; blue wave on the chart above).
The recent green candles gave the relative strength index (RSI) a boost as well. In addition, the momentum indicator rose from 30 to 40, which could signify growing confidence among traders.
Overall, Cardano’s charts remain dependent on the climate across the market.
For example, on Dec 2-4, when Bitcoin lost 15%, Cardano shed over 10$ off its value. Similarly, during “red” September 2021, Bitcoin declined by 23%, while ADA crashed by over 34%. The upcoming sessions will show if Cardano’s uptrend can hold up against the bearish market.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
DOGE is showing bullish signs above $0.080. The bulls seem to be in control and there are chances of...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.