Convergence

Cardano

Block

Fluid

Cardano Price Analysis: The cryptocurrency market witnessed ease in selling pressure this week as the falling <a href="https://coingape.com/markets/is-1000000-bitcoin-price-possible-in-5-years/">Bitcoin</a> 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: <a href="https://coingape.com/charles-hoskinson-says-cardano-is-waking-up-as-sundae-v3-pulls-big-numbers/">Charles Hoskinson Says “Cardano Is Waking Up” As Sundae V3 Pulls Big Numbers</a> 
<h2 id="b-cardano-faces-unsuccessful-ddos-attack-aimed-at-stealing-staked-tokens-b">Cardano Faces Unsuccessful DDoS Attack Aimed at Stealing Staked Tokens</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/8/8pKA7IML.png" alt="BINANCE:ADAUSDT Chart " width="1779" height="799">
 <figcaption class="wp-caption-text">
 Cardano Price Analysis| Tradingview
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</figure> 
The current correction trend in the <a href="https://coingape.com/trending/cardano-price-expected-to-hit-40-next-per-crypto-analysts/">Cardano</a> 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 <a href="https://coingape.com/price/cardano/">Cardano price</a> 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: <a href="https://coingape.com/cardano-hit-with-massive-ddos-attack-yet-thriving-heres-reason/">Cardano Hit With Massive DDoS Attack Yet Thriving, Here’s Reason</a> 
<blockquote class="twitter-tweet"> 
 On Block 10,487,530, an attack on the Cardano network began. 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f41b.png" alt="🐛" class="wp-smiley" style="height: 1em; max-height: 1em;"> Each transaction executes 194 smart contracts. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f41b.png" alt="🐛" class="wp-smiley" style="height: 1em; max-height: 1em;"> The attacker is spending 0.9 ADA per transaction. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f41b.png" alt="🐛" class="wp-smiley" style="height: 1em; max-height: 1em;"> They are filling each block with many of these transactions. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f41b.png" alt="🐛" class="wp-smiley" style="height: 1em; max-height: 1em;"> The smart contracts used are of type REWARD. 
 In… <a rel="nofollow" href="https://t.co/QUVm0pq0Q8">pic.twitter.com/QUVm0pq0Q8</a> 
 — elraulito (@ElRaulito_cnft) <a rel="nofollow" href="https://twitter.com/ElRaulito_cnft/status/1805654707378983353?ref_src=twsrc%5Etfw">June 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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 <a href="https://coingape.com/cardano-announces-key-updates-ada-price-to-recover-ahead/">ADA</a> 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. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A potential bullish crossover between the MACD(blue) and signal(orange) line hints at a positive shift in market sentiment.</li> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The uptick in the lower boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> indicator indicates the sellers are losing momentum.</li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-analysis-resilience-ddos-attack-ada-0-8/">Cardano Price Analysis: How Resilience Against DDoS Attack Sets ADA to Target $0.8&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Analysis: How Resilience Against DDoS Attack Sets ADA to Target $0.8

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