Cardano is currently trading at $2.24 following a magnificent 17.63% bounce from its weekly low of $1.91. The polarising cryptocurrency, which is the third largest in terms of market cap, recently launched its highly-anticipated smart contracts platform that will pave the way for DeFi development. However, the positive sentiment surrounding the upgrade rapidly subsided as traders capitalised on the “buy the rumour, sell the news” thesis, with price subsequently plunging by more than 30%.