Cardano (ADA) Price Jumps 7% on SundaeSwap Launch News, Eyes $1.60

Cardano(ADA) price remains in buyout 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 post-Tuesday. Another, catalyst for the price action is that the Cardano (ADA) blockchain welcomes Pavia.io Metaverse.

• Cardano (ADA continue to soar on Monday with more than 7% gains.
• SundaeSwap, the first decentralized (DeFi) exchange to be launched on the Cardano blockchain.
• Meet late December highs near $1.59 with strong upside momentum.

Cardano(ADA) surges above 100-EMA

Cardano has soared almost 30% from the previous week, the fifth- largest cryptocurrency with a market cap of $51,258930,641 is by far the best performing cryptocurrency in the top 10. The volume is also up by 99.15% at $3, 822,860038 in the last 24 hours.

On the daily technical chart, the price has bounced back from the lows of $1.057 made on January 10 and soars towards $1.590. The formation of the bullish “Hammer” candlestick pattern locks in gains of almost % from the mentioned lows.  Now, the bulls meet a double top formation near December 27 high at 1.591. However, buyers look unstoppable as the Three White Soldiers” patterns in the offering, with the first green candle, made on Sunday with a high of 1.421 followed by today’s strong green candle. The next hurdle will arrive at the 100-DMA, which stands at $1.680 and is also the probable target of the next day’s candle.

The bullish sentiment is further supported by the Daily Relative Strength Index (RSI) that reads at 62. The OBV (On the Balance Volume) indicator highlights the stable volumes near 400m. The complete technical setup validates the bullish thesis.

Furthermore, the pair has completed a “W” pattern, which signals the fresh rounds of a buying spree in ADA price, as it is a bullish reversal pattern.