Earlier this week, Cardano successfully thwarted a spam attack, with its founder Charles Hoskinson expressing satisfaction with the outcome.
Hoskinson shared a cheerful GIF on Twitter in response to a commentator describing the incident:
“A hacker attempted a DDoS attack against Cardano and the chain just slowed down. Nothing else happened, and the fraudster ended up with stolen ADA from him?”
Nick, host of the Cheeky Crypto YouTube channel, discussed the aftermath of the event for Cardano’s native cryptocurrency ADA. He noted a 62% increase in Cardano trading volume following the attack, with ADA reaching a critical price zone. This surge suggests growing interest and confidence in the network.
However, Nick cautioned about potential market reactions, pointing out that ADA had found significant support at $0.38 after an 8.8% decline the previous week. He identified this price as historically significant, akin to Binance listing the altcoin in 2018.
Using the ADA/USDT daily chart, Nick analyzed ADA’s price behavior and forecasted medium-term developments. He highlighted resistance within the trading model that could lead to further declines towards the $0.338 area. Nonetheless, he acknowledged the potential for an upward breakthrough.
To negate the downward trend, Nick stated that ADA would need to climb above $0.4406, pushing the price above the 50 EMA and 50 SMA indicators, signaling a trend reversal. However, he maintained a bullish long-term perspective for ADA.
Nick also shared the daily RSI indicator, indicating ADA’s position in overbought territory, signaling a continued significant bullish impulse.
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