As a researcher with experience in the cryptocurrency market, I’ve been closely monitoring the price action of Cardano (ADA) over the past few days. The recent relief rally, triggered by the stabilization of Bitcoin above $60,000, saw ADA rebounding 9% in just three days to attempt a recovery above the $0.4 mark. However, the sustainability of this recovery is still uncertain.
In recent developments, the cryptocurrency market experienced a reduction in selling intensity as Bitcoin‘s price found stability above $600,000. This shift brought about renewed buying pressure for altcoins, among them Cardano (ADA). As a result, ADA saw a 9% surge over three days, aiming to regain the $0.4 threshold. However, the question remains: will this recovery prove to be enduring?
Cardano Faces Unsuccessful DDoS Attack Aimed at Stealing Staked Tokens
As a market analyst, I’ve noticed that the recent correction trend for Cardano’s coin began in mid-March when the price dipped from $0.81. This downturn resulted in a significant loss, bringing the asset value down by approximately 55.9% to reach a low of $0.357. Upon closer examination of the daily chart, it appears that the descending ADA price has been contained between two trendlines, suggesting the development of a wedge pattern.
The aligning resistance and support lines indicate that Cardano (ADA) is on the brink of a significant price shift, which will influence its future trends. In the past, ADA’s price bounced back from the lower boundary and climbed to $0.39. As a result, the market capitalization increased to an impressive $14.02 Billion. Should buying pressure persist, Cardano’s price may aim to breach the upper trendline, possibly triggering an uptrend.
On June 26, 2024, Cardano encountered a distributed denial-of-service (DDoS) assault aimed at disrupting staked tokens. Despite the attempt, the attack failed to accomplish its objective, leaving Cardano’s robust network unscathed.
On Block 10,487,530, an attack on the Cardano network began.
In every transaction, there are 194 REward-type smart contracts being executed. Each transaction costs the attacker 0.9 ADA. These transactions are densely packed into each block.
In…
— elraulito (@ElRaulito_cnft) June 25, 2024
The Chief Technology Officer of Fluid Token, known as ElRaulito_cnft on Twitter, revealed that the cyberattack initiated at block 10,487,530 in the Cardano network. In this attack, a total of 194 smart contracts were triggered by each transaction involved. Despite the complexity of the assault, Cardano’s infrastructure continued to function robustly.
As a security analyst, I’ve observed an attacker making an unsuccessful attempt to breach our network, incurring a cost of approximately 0.9 ADA per transaction. Yet, despite their efforts, no staked tokens were stolen as a result. This observation underscores the effectiveness of Cardano’s security measures against such threats.
As a researcher studying market trends, I believe that if the wedge pattern in the market were to break out, it would be a strong indication that the correction phase has come to an end. This development could encourage buyers to re-enter the market and resume the uptrend. Following this breakout, the price could potentially reach new highs, with potential targets at $0.52 and even extending to $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.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- EUR KRW PREDICTION
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
- BEN PREDICTION. BEN cryptocurrency
- Top gainers and losers
2024-06-26 18:30