Cardano Weathers Spam Storm: ADA Price Poised for Potential Breakout Despite Bearish Signals
The Cardano network encountered a spam attack at block 10,487,875, which involved 194 smart contracts per transaction, costing the attacker around 0.9 ADA per transaction. Despite the attack’s intent to stress the network, operations continued without disruption.
The swift identification and mitigation efforts by the Cardano community highlighted the network’s resilience. Charles Hoskinson, Cardano’s founder, addressed the incident as noted by analyst Cheeky Crypto in his YouTube video, emphasizing the network’s strength and the community’s proactive response.
In response to the spam attack, Intersect coordinated a technical task force to develop solutions to prevent future incidents. A new node version will be released once the solution is ready.
The community’s involvement was crucial in identifying the source of the spam and supporting mitigation efforts. The technical response underscores Cardano’s commitment to maintaining a robust and secure network.
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Cardano’s Market Activity and Price Predictions
Cardano’s ADA is facing a key resistance around the 38 cents mark, with an expected drop to approximately 33.8 cents as part of the current wave pattern. Cheeky Crypto’s analysis indicates a five-wave drop, with the fourth wave currently reaching the resistance zone.
The fifth wave move is anticipated to push the price down further, completing this phase of the correction. The Stochastic RSI suggests ADA is overbought on daily, 8-hour, and 4-hour timeframes, implying potential price slippage.
Additionally, the Relative Strength Index (RSI) shows lower highs, indicating continued downward movement. Despite these bearish indicators, trading volume has decreased, suggesting limited interest in selling ADA at current prices.
However, the recent surge in trading volume by 62% shows renewed interest in ADA, particularly at the 38 cents support level.
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Market Sentiment and Long-Term Outlook
For a breakout and reversal of the downward trend, ADA needs to surpass 44.6 cents. Failure to do so could result in continued bearish trends and further price drops. While short-term analysis remains bearish, the long-term perspective is positive, with expectations of aggressive upward movement once the current corrective phase is completed.
Cheeky Crypto mentioned, “Expect volatility, guys. We’re not thinking that this correction is over and we’ve probably got a little bit more pain before we’ve got those fantastic runs back to the upside.”
The Cardano network has demonstrated resilience amid the spam attack, maintaining operations without disruption. The short-term outlook for ADA remains bearish, with expected price drops.
However, long-term prospects are strong, with upward potential once the current market corrections stabilize. The recent increase in trading volume indicates renewed interest and potential for future growth in ADA.
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