Cardano Price Eyes $1.2 levels, ADA Bulls on Board?

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Over the last 24 hours, the market has turned green as more downside has been refused across the board. Bitcoin and Ethereum, the market leaders, have risen 0.2 and 0.4 percent, respectively. 

Cardano’s price had declined earlier this week and had lost almost 40 percent dropping down to $0.91 level. Early yesterday, there was a strong rejection of additional decline, resulting in a rebound above the $1 threshold. 

After a period of consolidation, a new upward push began overnight. As a result, Cardano is now poised to retrace  loss. The next target to recapture is $1.2, which is the next obstacle level. At the time of writing Cardano is trading at $1.12 as it eyes the next resistance level.

DEX Fails to Impress?

Cardano’s DEX SundaeSwap, which had caught the crypto world by storm, has entered the market successfully. After months of testing, SundaeSwap officially launched its mainnet on January 20. It is thought that the DEX will allow users to trade, stake, and lend tokens on the platform for a very minimal charge.

Despite the network’s congestion, the DEX has been generating positive data. The much-anticipated debut of Cardano’s first decentralised exchange (DEX) failed to spark a price surge. However, people on the project’s Discord server complained of unsuccessful transactions within minutes after the launch.

Congratulations to @SundaeSwap on their launch today. Due to heavy #Cardano network load, some users may be waiting longer for transactions to complete as a result.

This is to be expected around DEX launches & large NFT drops. Thanks for your patience during these busy periods.

— Input Output (@InputOutputHK) January 20, 2022

Mateen Motavaf, the CEO of SundaeSwap, wrote a statement in bold print and all caps on the server, attempting to address the multitude of complaints. 

He stated, “IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT.”

Despite the difficulties encountered during SundaeSwap’s mainnet debut, data from DeFiLlama shows that the total value of assets locked in the ecosystem is currently over $82 million, resulting in an 86.6 percent increase in DeFi TVL on the Cardano blockchain in the last 24 hours.