Cardanos Recent Impressive Cyber Performance Whats Next for ADA Price

Earlier this week, Cardano successfully thwarted a spam attack, with its founder Charles Hoskinson expressing satisfaction with the outcome. Hoskinson shared an amusing GIF on X in response to a commentator describing the incident: “Hackers attempted a DDoS attack on Cardano, but only managed to slow down the chain. Nothing else happened, and the scammers ended up stealing ADA?” – Charles Hoskinson (@IOHK_Charles) June 26, 2024. Nick, host of the Cheeky Crypto YouTube channel, discussed the incident’s impact on Cardano’s native cryptocurrency ADA. Following the attack, Cardano’s trading volume surged by 62% as ADA reached a critical price area. This spike indicates a growing interest and trust in the network. However, Nick warned of potential market reactions, noting that ADA had reached an important support level at $8.8 after a 0.38% drop last week. He mentioned that this price has historical significance since Binance listed altcoins in 2018. Read more:

A judge dismissed the SEC’s claim that BNB sales constituted a securities offering. Using ADA/Daily chart USDT, Nick analyzed ADA’s price behavior, predicting possible mid-term developments. He stated that ADA faces resistance in its trading pattern, which could lead to a further drop to the $0.338 region. Despite this, he acknowledged its upward potential. To offset the downward trend, Nick stated that ADA should climb above $0.4406, which would drive the price through the 50 EMA and 50 SMA indicators, indicating a trend reversal. However, he remains pessimistic about ADA’s long-term prospects. Nick’s shared daily RSI indicator shows ADA in the overbought zone, indicating a significant bearish momentum.