Cardano Price Analysis: The cryptocurrency market witnessed ease in selling pressure this week as the falling Bitcoin price stabilized above $60000. The renewed demand pressure has triggered a relief rally of major altcoins, including Cardano. The ADA price rebounded 9% in three days in an attempt to reclaim the $0.4 mark. Will the recovery be sustained?
Also Read: Charles Hoskinson Says “Cardano Is Waking Up” As Sundae V3 Pulls Big Numbers
Cardano Faces Unsuccessful DDoS Attack Aimed at Stealing Staked Tokens
Cardano Price Analysis| Tradingview
The current correction trend in the Cardano coin was initiated in mid-March as the price reverted from $0.81. The downfall tumbled the asset value by 55.9% to hit a low of $0.357. However, an analysis of the daily chart shows the falling ADA price resonated within two trendlines indicating the formation of a wedge pattern.
The converging resistance and support levels suggest that Cardano (ADA) is on the verge of a decisive breakout, which will determine its upcoming price direction. Recently, the ADA price rebounded from the lower trendline and surged to $0.39, and the market cap jumped to $14.02 Billion. If the buying pressure continues, the Cardano price is set to challenge the overhead trendline, potentially attempting a bullish breakout.
On June 26, 2024, Cardano experienced a Distributed Denial of Service (DDoS) attack targeting staked tokens. However, the attack was ultimately unsuccessful in achieving its goal, and Cardano’s network remained resilient.
Also Read: Cardano Hit With Massive DDoS Attack Yet Thriving, Here’s Reason
On Block 10,487,530, an attack on the Cardano network began.
🐛 Each transaction executes 194 smart contracts.🐛 The attacker is spending 0.9 ADA per transaction.🐛 They are filling each block with many of these transactions.🐛 The smart contracts used are of type REWARD.
In… pic.twitter.com/QUVm0pq0Q8
— elraulito (@ElRaulito_cnft) June 25, 2024
The CTO of Fluid Token, identified as ElRaulito_cnft on Twitter, reported that the attack began at block 10,487,530. Each transaction involved in the attack executed 194 smart contracts. Despite the sophistication of the attack, Cardano’s network remained resilient.
The attacker expended 0.9 ADA per transaction in their attempt to compromise the network. However, the efforts did not lead to the theft of any staked tokens, demonstrating the robustness of Cardano’s security measures against such threats.
A potential breakout from the wedge pattern will signal the end of the correction trend and bolster buyers to renew the recovery trend. The post-breakout rally could target a higher high of $0.52, followed by $0.8.
Technical Indicator:
Moving Average Convergence Divergence: A potential bullish crossover between the MACD(blue) and signal(orange) line hints at a positive shift in market sentiment.
BB Indicator: The uptick in the lower boundary of the Bollinger band indicator indicates the sellers are losing momentum.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
