Cardano rallies ahead of SundaeSwap launch
After providing the roadmap for 2022, the ADA (Cardano) token has increased in price quite impulsively. Its price surged to just over $1.60 on Tuesday from Sunday’s lows of $1.28, before retreating to $1.48.
The growth was stopped at $1.60, which intersects with the dynamic resistance line of the downtrend. Given that the crypto market is currently under pressure, there is a possibility of a retest of the support level, which is at around $ 1.10.
But most likely, we will see this level again, since it has repeatedly demonstrated stability. After the formation of the "Double Bottom" technical analysis figure, there is a possibility of recovery and growth to an important resistance level at $1.80. This level has also repeatedly prevented the price from going up, but against the background of positive events within the project, there may be a breakdown of resistance and a reversal of the downtrend.
2021 was an important year for Cardano demonstrating a performance of +691% and outperforming both Bitcoin and Ethereum with performances 75% and 453% respectively, according to CoinMarketCap. Analysts predict a strong 2022, supported by Cardano’s recent developments in decentralised finance, non-fungible tokens and the metaverse, as well as progress on scaling. Specifically, Cardano's price has surged ahead of the launch of an upcoming cryptocurrency exchange called SundaeSwap.
Moreover, Cardano-based NFTs are now entering the NFT space with projects like Clay Mates, Yummi Universe, Spacebudz, Pavia, and Cardano Kidz.
The growth was stopped at $1.60, which intersects with the dynamic resistance line of the downtrend. Given that the crypto market is currently under pressure, there is a possibility of a retest of the support level, which is at around $ 1.10.
But most likely, we will see this level again, since it has repeatedly demonstrated stability. After the formation of the "Double Bottom" technical analysis figure, there is a possibility of recovery and growth to an important resistance level at $1.80. This level has also repeatedly prevented the price from going up, but against the background of positive events within the project, there may be a breakdown of resistance and a reversal of the downtrend.
2021 was an important year for Cardano demonstrating a performance of +691% and outperforming both Bitcoin and Ethereum with performances 75% and 453% respectively, according to CoinMarketCap. Analysts predict a strong 2022, supported by Cardano’s recent developments in decentralised finance, non-fungible tokens and the metaverse, as well as progress on scaling. Specifically, Cardano's price has surged ahead of the launch of an upcoming cryptocurrency exchange called SundaeSwap.
Moreover, Cardano-based NFTs are now entering the NFT space with projects like Clay Mates, Yummi Universe, Spacebudz, Pavia, and Cardano Kidz.
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