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DOEX Network Set to Become Cardano’s First DEX

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  • DOEX aims to become the first Cardano Blockchain-based DEX.
  • Cardano keeps developing its platform overtime.

Cardano (ADA) is one of the digital assets in the crypto space that never stops developing its network. As a result, the crypto is now considered one of the solid networks in the crypto world. Currently, DOEX, a platform that enables users to keep control of their assets, is now developing its system to become the first Cardano Blockchain-based DEX. In addition, the DOEX DEX, based on its road map, is scheduled to launch by the end of the year. DOEX team further explained:

Our vision is to become the first Cardano-based DEX,ensuring interoperability across chains and allow for the seamless swap of tokens both on the Cardano blockchain and other ones like Ethereum via a fool-proof bridge or converter. This is part of our extended vision of laying a solid background for extended business and expansion opportunities. Our long-term objective is to be the one-stop-shop for DeFi services on the Cardano blockchain, including but not limited to, staking and asset management.

Furthermore, decentralized exchange (DEX) allows trustless parties to carry out financial transactions with the use of smart contracts. With this, users can be sure that all transactions are safe and decentralized. What’s more, participants that provide liquidity to perform various operations on DEX are rewarded in return.

On the other hand, Cardano is still on its way to running along with the biggest networks in terms of blockchain DEX wallet activity.

Based on DappRadar data, the clear winner is Ethereum with 3447, TRON with 1665, and EOS with more than 750. Also, Ethereum is the dominant protocol, holding 64% of the total daily active unique wallet activity, with daily active unique wallets growing 48% from 2019 to 2020.

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However, Cardano remains to be a very active crypto network in terms of platform enhancements. Through this, we can say that ADA can catch up with these networks sooner than expected. 

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Cardano [ADA] price risks free falling amidst global sell-off

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Cardano [ADA] has been no longer immune to the panic selling that is currently engulfing the broader crypto market. The native token fall by 60% from its all-time high of $3.02 on 2nd September 2021. ADA saw a drop in value of 10.06% on Saturday making it one of the largest one-day percentage losses since Wednesday on October 2, this year.

The move further pushed the altcoin’s market cap downwards to $47.9 billion, which is approximately 2% of the total cryptocurrency market cap. At the time of writing, the asset is changing hands at $1.38 with a 24-hour trading volume of $2.87 billion. Cardano’s market cap was found to be at $45 billion. In the daily hours, the 6th ranked cryptocurrency registered a minor gain of 0.02% but was down by almost 9% in the past seven days.

What does Cardano [ADA] Price Chart Indicate?

ADAUSD 2021 12 05 14 44 58
Cardano [ADA] price risks free falling amidst global sell-off 4

In the 4-hour chart, the concluding green candles of the Awesome Oscillator [AO] are gearing towards the upswing in the market. However, the Klinger Oscillator [KO] after undergoing a bearish crossover continued moving below the equilibrium layer further indicating a downtrend in the price of the coin. On a similar path, the Chaikin Money Flow [CMF] hovering below the zero line is projecting weak inflows but an increasing amount of capital outflows in the asset’s market.

ADAUSD 2021 12 05 14 01 37

The Bollinger Bands [BB] depicted in the above 1-day chart does not indicate any volatility in the asset market. The MACD attempted for a crossover on the upside following a mild recovery. However, the increasing sell pressure favored the bearish narrative. On the trading aspect, the Relative Strength Index [RSI] nearing the 30 mark is signaling the impending oversold zone, and a further downtrend would confirm the same.

So, is it all over for Cardano Investors?

Though from the price perspective, Cardano has not been able to cross the $2 mark since mid-November, however development on the network has been overall healthy both on GitHub and in terms of DeFi. As a matter of fact, many prominent protocols in the ADA ecosystem like an upcoming DEX SundaeSwap, Genesis Auction House, among others have been rapidly growing.

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Will Cardano Be Unveiling DEXes This Christmas?

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Cardano network has been sailing the treacherous storms lately, the recent market crash has been an addition to the prevailing agony. Howbeit, the sixth-largest crypto has been making rounds on public platforms. As the protocol sees growing impetus in its use cases. 

Charles Hoskinson reveals the arrival time frame of DEXes built on Cardano. Meanwhile, Cardano’s native token ADA holds its price well above the $1 mark despite the market crash. Enthusiasts from the community are looking forward to the digital asset breaking through the barriers towards previous highs.

Will Cardano’s DEXes Help Cardano Network Emerge From Its Shadows?  

   Charles Hoskinson reveals on a public platform that decentralized exchanges on Cardano are just weeks away. Which might probably arrive by Christmas time. He further mentions that he is proud of the team for their toil and pulling-off things swiftly with Sundaeswap. 

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The firm will be launching the testnet on the 5th of December, which CoinPedia had earlier reported. Alongside the network hitting the new milestone of 20 million transactions without a single outage in the network’s four-year history. And the De-Fi protocols in the works, while hosting projects like Fracada. 

Is Cardano (ADA) Price Heading Towards The Moon?

ADA at press time is trading at $1.40 while registering losses of 11.8%. The market cap of the sixth largest crypto is currently hovering around $44,872,286,405. Whilst the trade volumes for around the clock are at $3,812,400,066. ADA price has been trading in the frequency from $1.17 to $1.61

As CoinPedia had previously cited, ADA price has managed to stay well above the $1 mark despite the shortcomings. The digital coin could retest levels around $2.3 post claiming its resistance levels around $1.88

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Summing up, Cardano withstanding the high tides is praise-worthy. The utility projects rolling out from Cardano will instill faith in investors and traders. The staking of ADA has been one of the pivotal reasons that have been assisting the price to withstand the shortcomings to a greater extent. With more projects going live, alongside the protocol receiving upgrades, Cardano could make its way to its previous growth metrics. 

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Cardano Price Analysis: ADA to retest downside before further recovery to $1.50?

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  • Cardano price analysis is bearish today.
  • ADA/USD recovered to $1.445 yesterday.
  • Bearish momentum slowly returned overnight.

Cardano price analysis is bearish today as we saw a slowdown for the recovery overnight around $1.445. Therefore, ADA/USD will likely retest the downside again and set a higher low before more upside can be seen.

Cardano Price Analysis: ADA to retest downside before further recovery to $1.50? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 4.13 percent, while Ethereum 7.49 percent. Meanwhile, Cardano (ADA) trades almost neutral, with a gain of little over 1 percent.

Cardano price movement in the last 24 hours: Cardano recovers 20 percent, finds resistance at $1.445

ADA/USD traded in a range of $1.37 – $1.45, indicating substantial volatility over the last 24 hours. Trading volume has declined by 32 percent, totaling $2.88 billion, while the total market cap trades around $45.82 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to test downside again

On the 4-hour chart, we can see the Cardano price action slowing down its recovery overnight as resistance at $1.445 likely will lead to more downside later today.

Cardano Price Analysis: ADA to retest downside before further recovery to $1.50?
ADA/USD 4-hour chart. Source: TradingView

Cardano price has seen a steady decline over the past weeks from the last major swing high at $2.375. After reaching a new low last weekend at $1.42, ADA/USD had effectively retraced 40  percent.

At the beginning of this week, a consolidation around $1.60 followed until a quick spike higher on Thursday took the market to the previous local high at $1.76. From there, ADA  quickly reversed, starting to push lower with increasing momentum.

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The Cardano price has spiked to the $1.20 mark by the beginning of Sunday, setting a strong lower low. Market quickly recovered around 20 percent during the day, leading to the current bearish momentum slowly regaining control below the $1.445 mark. 

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish today as we expect a further drop lower over the next 24 hours after resistance was found at $1.445 overnight. Therefore, ADA/USD should move to set another higher low before more upside can be reached next week.

While waiting for Cardano to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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