Cardano

2024

Penny

Fluid

The Cardano price is up a fraction to trade for $0.3889 as of 02:32 a.m. EST on trading volume that dipped 41%.
It points to a lack of conviction in the price increase. Traders and investors may interpret this as a warning sign that the upward momentum may not be sustainable in the long term. It could also imply that the price rise may be more vulnerable to a reversal or correction due to the lack of strong trading volume supporting the move.
The turnout for the Cardano price comes after the network was hit by a distributed denial of service (DDoS) attack, which targeted staked ADA tokens.
A DDoS attack is a malicious attempt to disrupt the normal traffic of a targeted server, service, or network by overwhelming it with a flood of internet traffic.
Multiple compromised devices, often infected with malware, are used to flood the target with an excessive amount of traffic, causing it to become slow or unresponsive to legitimate requests.
<h2 id="ddos-attack-on-staked-ada-fails-cardano-price-bumps-a-fraction">DDoS Attack On Staked ADA Fails, Cardano Price Bumps A Fraction</h2>
The DDoS attack on Cardano failed, after timely mitigation. No damages occurred and the network is back to normal operation.
The attack commenced at block 10,487,530, with each transaction executing 194 smart contracts. The bad actor spent 0.9 ADA per transaction, filling individual blocks with several transactions in a calculated attempt to stress the network, Fluid Token chief technology officer @ElRaulito_cnft revealed.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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… <a href="https://t.co/QUVm0pq0Q8" rel="noopener noreferrer nofollow">pic.twitter.com/QUVm0pq0Q8</a>
 — elraulito (@ElRaulito_cnft) <a href="https://twitter.com/ElRaulito_cnft/status/1805654707378983353?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 25, 2024</a>
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According to Philip Disarro, founder of Cardano development firm Anastasia, the DDoS attack was a quick fix. It only required the deregistering of staked credentials that the exploiter used. This timely insight enabled the stoppage of the attack before any damage happened.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Update: DDOSer halted his attack after reading my tweet in an effort to protect his funds. Alas, they were too late and the pillaging of their funds is already in progress.
 Thanks for the free money moron.
 Truly iconic that the attacker who presumably wanted to damage the…
 — phil (@phil_uplc) <a href="https://twitter.com/phil_uplc/status/1805672403822870776?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 25, 2024</a>
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<h2 id="cardano-price-prediction">Cardano Price Prediction</h2>
The Cardano price is trading with a bearish bias, confined within a descending parallel channel. The odds are heavily in favor of the downside and ADA holders could realize more losses. With the Relative Strength Index (RSI) falling and stuck below the mean threshold of 50, momentum is weak and the bears are having their ways.
The Moving Average Convergence Divergence (MACD) is also in negative territory, showing that bearish sentiment abounds in the ADA market. Accordingly, the Cardano price could slide lower, losing the critical support at $0.3767. A break and close below this level could see the altcoin record a new range low, or in a dire case, extend the fall to the $0.3000 psychological level.
<a href="https://insidebitcoins.com/wp-content/uploads/2024/06/ADa-1.png" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter wp-image-540315 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/06/ADa-1.png" alt="ADA price" width="1365" height="763" srcset="https://insidebitcoins.com/wp-content/uploads/2024/06/ADa-1.png 1365w, https://insidebitcoins.com/wp-content/uploads/2024/06/ADa-1-300x168.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/06/ADa-1-1024x572.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/06/ADa-1-768x429.png 768w" sizes="(max-width: 1365px) 100vw, 1365px"></a>
GeckoTerminal: <a href="https://www.geckoterminal.com/bsc/pools/0x673516e510d702ab5f2bbf0c6b545111a85f7ea7" target="_blank" rel="noopener noreferrer nofollow">ADA/USD 1-day chart</a>
On the other hand, if bulls regain control, the Cardano price could shatter resistance due to the upper boundary of the channel. While escaping this bearish technical formation would be a good sign, the bearish thesis would only be invalidated after a decisive candlestick close above $0.5052.
For the more skeptical traders, however, ADA would only be attractive to buy once the price makes a stable close above the 0.8000 psychological level.
Notably, the MACD indicator has an impending bullish signal. This would be executed once the MACD line crosses above its signal line (orange band) and forays into positive territory.
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<h2 id="a-promising-alternative-to-cardano">A Promising Alternative To Cardano</h2>
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<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/buy-cryptocurrency/99bitcoins-price-prediction" rel="noopener noreferrer nofollow">99Bitcoins Price Prediction – $99BTC Profit Potential in 2024</a></li>
 <li><a href="https://insidebitcoins.com/news/99bitcoins-launches-new-learn-to-earn-airdrop-presale-todaytrader-video-review" rel="noopener noreferrer nofollow">99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review</a></li>
 <li><a href="https://www.linkedin.com/pulse/best-penny-crypto-investments-top-picks-explosive-growth-calsona-j8nhe" rel="noopener noreferrer nofollow">Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!</a></li>
</ul>

Cardano Price Prediction: As ADA Foils A DDoS Attack, Experts Say This ICO Might Be The Best Crypto To Buy During The Dip

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Inside Bitcoins

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