Cardano has been moving heavily to the downside in the past months due to rumors of potential regulatory dangers following an alleged de-listing from crypto exchange e-Toro. The rumors were denied by IOHK’s CEO Charles Hoskinson, but the market seems to have negatively reacted either way.
However, this network’s fundamentals continue to strengthen as it recently deployed its first decentralized exchange SundaeSwap on the Cardano testnet. This milestone was celebrated by Cardano’s community as the network implemented smart contract capabilities with three Hard Fork combinator events, part of its Alonzo era.
The team behind SundaeSwap celebrated the launch via its official Twitter handle and invited the Cardano community to use participate in the DEX’s testnet. In that way, the team can find and fix bugs related to the platform.
Cardano (ADA) Key Levels To Watch And Potential Bullish Case
Cardano has taken a unique approach to deploy its smart contract and DeFi capabilities. IOHK has expressed its intentions of introducing these features “gradually” to guarantee users’ security and a better experience than its competitors.
For this reason, ADA detractors claimed that the network might be taken too long to achieve this objective. However, IOHK reiterated the following:
The deployment of this first DEX adds to Cardano’s potential to resume its bullish momentum. As of press time, the cryptocurrency could see support at $1,25 and resistance at $1,40. Both these levels will be critical to determine ADA’s price destination in the short term.