Can Cardano Price Hit $0.36 On Hydra DOOM Game Stats?

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. Yet, the recent developments surrounding Cardano have piqued my interest.

Cardano price found strong support over the weekend, which cut short the anticipated price drop. The asset has entered into a new bullish trend that is expected to break out soon. Meanwhile, the RareEvo blockchain event that ended on August 17 shed some light on Cardano’s future concerning expected network speed with the Hydra upgrade. This may have contributed to the turn in ADA price sentiment.

Cardano Price May Surge on Hydra DOOM Game Stats

The RareEvo gathering, spanning from August 15th to 17th in Las Vegas, united blockchain enthusiasts and pioneers for an exciting display of state-of-the-art technology. One notable highlight was a live showcase of Cardano’s Hydra technology, a layer 2 scaling tool that aims to boost the network’s transaction speed and effectiveness.

#Cardano fam,
1. Hooray for Hydra! We’ve processed over three million transactions in just an hour!
Scaling, reliability, capacity
Check it out: $ADA @cryptorecruitr…
— Chris O (@TheOCcryptobro) August 16, 2024

With remarkable prowess, Hydra managed to operate a DOOM game smoothly at a rate of 35 frames per second, while simultaneously executing 35 transactions per second (TPS). At its pinnacle, this technology achieved an astounding peak performance of 1,663 TPS, handling over 3 million transactions in just one hour.

To spur up the Cardano network even more, its founder Charles Hoskinson declared a reward of $1 million to anyone capable of cracking the Lace Paper wallet securely. This announcement has sparked enthusiasm among ADA community members, as many believe these advancements set the stage for substantial future growth potential for the coin.

ADA Price Analysis: All Eyes on $0.36

Cardano price dropped 0.5% in the last 24 hours to trade at $0.3333 as it trends within a descending channel on the 4-hour timeframe, indicating a short-term downtrend. With enough volume, falling channels have a higher chance of breaking to the upside, which would change the ADA sentiment to bullish.

The cost of ADA is expected to potentially stabilize near the lower limit of its downward trending pattern, approximately $0.3188. Should sellers manage to push past this point, there’s a possibility for a continued drop towards the following notable support level.

Instead, it’s possible that the price of Cardano might face resistance at $0.3380, $0.3366, and $0.3637. If the price manages to break above these levels, it suggests a more optimistic trend in the upcoming period.

There’s a growing optimism surrounding Cardano, as data from the Exchange Liquidation Map indicates that most margin traders are holding long positions on this asset. According to Coinglass, the total value of long liquidation leverages stands at approximately $8.4 million, significantly higher than the around $7 million in short liquidations.

Can Cardano Price Hit $0.36 On Hydra DOOM Game Stats?

The uneven distribution implies that the market generally expects an upward trend for Cardano’s pricing, as traders are speculating its value to rise in the future. Furthermore, the majority of positions were initiated at approximately $0.326, aligning with the current significant support point.

Based on the technical indicators, there’s a leaning towards a bullish outlook, yet the Coppock Curve stands at 3.5647, a positive but rather modest value. This suggests that the current momentum isn’t particularly strong, implying that the market may continue to consolidate or could be gearing up for a possible breakout.

Can Cardano Price Hit $0.36 On Hydra DOOM Game Stats?

If the price of Cardano surpasses its current channel’s upper limit at approximately $0.3380 with an uptick in trading volume, it could be a sign that we’re looking at a potential upward trend, possibly leading to around $0.3637 and potentially even higher levels.

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2024-08-19 09:48