After several sessions of lull, we’re finally seeing considerable bullish action in Cardano (ADA) on Friday, as it rebounds strongly from the previous session’s lows close to the $1.50 level, as dApps prepare to launch on the blockchain soon. At the time of writing, ADA/USD is trading at around $1.67, up by nearly 9% in the past 24 hours.

Are Buyers Getting Excited About Cardano Again?

One of the biggest news offering support and driving buying interest in the world’s sixth largest cryptocurrency is the blockchain surpassing the 20 million transaction mark in just four years of its operations. As one of the most stable blockchains which has never suffered an outage, this is a remarkable testament to its well-researched development. While its slow development and rollout of new features has faced considerable criticism, handling over 20 million transactions within four years of launch shows the high level of interest and belief in its infrastructure among developers and users of Cardano.

It looks like ADA buyers are finally getting back into the market after several weeks of hesitation, turning optimistic about one of the first DEXs on Cardano, SundaeSwap, confirming the date for its testnet launch. Almost three months after the Alonzo hard fork brought smart contracts to the blockchain, dApps are finally getting ready to go live, boosting investor confidence in the network’s capabilities. The launch of dApps is sure to encourage more bullish moves in the coin in the coming weeks, as long as the overall market sentiment towards cryptos remains positive.

Investor Confidence Rising in ADA?

ADA is also enjoying attention after a Cardano based DeFi protocol MELD raised $1 billion in funding from an initial stake pool offering (ISPO) – a new funding mechanism in the crypto space. The ISPO allowed ADA holders to stake their tokens in exchange for MELD tokens, garnering participation from over 40,000 users. The activity saw 620 million ADA tokens being staked to raise funds for MELD.

Investor confidence in the ADA token received an additional boost in the wake of the MonoX Finance hack which saw $31 million worth of funds being stolen. After news of the hack broke, Cardano’s co-founder Charles Hoskinson tweeted, “This is exactly why Plutus was written for Cardano. Good languages and tooling wotk with the developer and auditor enabling them to write great and secure code. Bad languages load and hand them the gun that they shoot themselves with.”

ADA/USD Technical Analysis

On the 4-hour chart of ADA/USD, smaller moving averages along with the MACD are exhibiting a bullish bias. However, the 100 EMA, 200 EMA and the momentum indicator point to some selling interest in the market too.

Cardano’s price has crossed the pivot point at $1.61 and can continue higher as long as buying pressure continues strong. Keep an eye on the immediate resistance at $1.81 as it could be tested if the uptrend picks up pace.