Cardano

Hydra

Strong

Gains

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardano-gains-strong-support" data-wpel-link="internal">Cardano Gains Strong Support</a><br></p>
<p style="text-align: justify">Cardano’s (ADA) price experienced strong support over the weekend, reversing its downward trend and signaling a potential uptrend. This development, which may be bolstered by announcements at the RareEvo Blockchain event, suggests significant price gains could be on the horizon.</p> 
<h2 id="what-does-hydra-technology-offer">What Does Hydra Technology Offer?</h2> 
<p style="text-align: justify">The RareEvo event in Las Vegas from August 15-17 highlighted Cardano’s Hydra technology, a layer 2 scaling solution designed to boost network transaction capacity. Hydra demonstrated its capability by running the DOOM game at 35 FPS and 35 transactions per second, managing to handle 3 million transactions within an hour.</p> 
<p style="text-align: justify">In addition, Cardano founder Charles Hoskinson announced a $1 million reward for anyone who successfully hacks the Lace Paper wallet. This challenge has excited the ADA community, with many <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investors</a> hopeful that these advancements will result in substantial future gains for Cardano.</p> 
<h2 id="can-ada-overcome-price-resistance">Can ADA Overcome Price Resistance?</h2> 
<p style="text-align: justify">Cardano’s price has declined 0.5% over the past 24 hours to $0.3333, moving within a descending channel on the 4-hour chart. Despite the short-term downtrend, a breakout above this channel could occur if trading volume increases.</p> 
<p style="text-align: justify">Support is expected at the lower boundary of the descending channel at $0.3188, and a breach of this level may lead to further declines. Conversely, resistance points exist at $0.3380, $0.3366, and $0.3637. A close above the upper boundary at $0.3380 could indicate a more favorable medium-term outlook.</p> 
<h2 id="key-takeaways">Key Takeaways</h2> 
<ul> 
 <li>Cardano’s price has found strong support, ending its recent downward trend.</li> 
 <li>Hydra technology and a $1 million hack challenge have generated considerable interest.</li> 
 <li>ADA faces resistance levels, but a breakout is possible with increased trading volume.</li> 
</ul> 
<p style="text-align: justify"><strong>Conclusion</strong></p> 
<p style="text-align: justify">Cardano’s latest developments suggest potential for significant price movements. While the short-term outlook shows some resistance, the community remains optimistic <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">about future</a> gains, bolstered by technological advancements and community engagement.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cardano-gains-strong-support" data-wpel-link="internal">Cardano Gains Strong Support</a></h5>

Cardano Gains Strong Support

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