The Cardano price is up a fraction to trade for $0.3889 as of 02:32 a.m. EST on trading volume that dipped 41%.
It points to a lack of conviction in the price increase. Traders and investors may interpret this as a warning sign that the upward momentum may not be sustainable in the long term. It could also imply that the price rise may be more vulnerable to a reversal or correction due to the lack of strong trading volume supporting the move.
The turnout for the Cardano price comes after the network was hit by a distributed denial of service (DDoS) attack, which targeted staked ADA tokens.
A DDoS attack is a malicious attempt to disrupt the normal traffic of a targeted server, service, or network by overwhelming it with a flood of internet traffic.
Multiple compromised devices, often infected with malware, are used to flood the target with an excessive amount of traffic, causing it to become slow or unresponsive to legitimate requests.
DDoS Attack On Staked ADA Fails, Cardano Price Bumps A Fraction
The DDoS attack on Cardano failed, after timely mitigation. No damages occurred and the network is back to normal operation.
The attack commenced at block 10,487,530, with each transaction executing 194 smart contracts. The bad actor spent 0.9 ADA per transaction, filling individual blocks with several transactions in a calculated attempt to stress the network, Fluid Token chief technology officer @ElRaulito_cnft revealed.
On Block 10,487,530, an attack on the Cardano network began.
🐛 Each transaction executes 194 smart contracts.
🐛 The attacker is spending 0.9 ADA per transaction.
🐛 They are filling each block with many of these transactions.
🐛 The smart contracts used are of type REWARD.
In… pic.twitter.com/QUVm0pq0Q8
— elraulito (@ElRaulito_cnft) June 25, 2024
According to Philip Disarro, founder of Cardano development firm Anastasia, the DDoS attack was a quick fix. It only required the deregistering of staked credentials that the exploiter used. This timely insight enabled the stoppage of the attack before any damage happened.
Update: DDOSer halted his attack after reading my tweet in an effort to protect his funds. Alas, they were too late and the pillaging of their funds is already in progress.
Thanks for the free money moron.
Truly iconic that the attacker who presumably wanted to damage the…
— phil (@phil_uplc) June 25, 2024
Cardano Price Prediction
The Cardano price is trading with a bearish bias, confined within a descending parallel channel. The odds are heavily in favor of the downside and ADA holders could realize more losses. With the Relative Strength Index (RSI) falling and stuck below the mean threshold of 50, momentum is weak and the bears are having their ways.
The Moving Average Convergence Divergence (MACD) is also in negative territory, showing that bearish sentiment abounds in the ADA market. Accordingly, the Cardano price could slide lower, losing the critical support at $0.3767. A break and close below this level could see the altcoin record a new range low, or in a dire case, extend the fall to the $0.3000 psychological level.
GeckoTerminal: ADA/USD 1-day chart
On the other hand, if bulls regain control, the Cardano price could shatter resistance due to the upper boundary of the channel. While escaping this bearish technical formation would be a good sign, the bearish thesis would only be invalidated after a decisive candlestick close above $0.5052.
For the more skeptical traders, however, ADA would only be attractive to buy once the price makes a stable close above the 0.8000 psychological level.
Notably, the MACD indicator has an impending bullish signal. This would be executed once the MACD line crosses above its signal line (orange band) and forays into positive territory.
Meanwhile, YouTuber Oscar Ramos says 99Bitcoins (99BTC) is the best presale to buy now with 100X potential. That would make the ICO a great crypto to buy during the dip.
A Promising Alternative To Cardano
99BTC is the native cryptocurrency for the 99Bitcoins ecosystem, a long-established educational platform that is pioneering a new Learn-to-Earn rewards model.
#Bitcoin ($BTC) and #Ethereum ($ETH) ETFs are projected to grow to a $450 billion market, according to @BernsteinPWM recent report.
Over the next two years, they expect over $100 billion in flows into #CryptoETFs. 🤯 #99Bitcoins #DEFI #Crypto #RWA pic.twitter.com/waGI2cWzQX
— 99Bitcoins (@99BitcoinsHQ) June 5, 2024
Promising a groundbreaking earn-as-you-learn experience for users of the website, the project incentivizes learning through a unique mix of gamification and a leaderboard reward system.
This ensures users feel like their learning is bearing tangible and therefore spendable benefits. You earn crypto while learning about crypto.
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👉 https://t.co/NXD7DAamqr#99Bitcoins #BTC #Crypto #L2E pic.twitter.com/xQC6lg0euI
— 99Bitcoins (@99BitcoinsHQ) June 17, 2024
You can join the 99BTC presale when you buy its tokens at the current price of $0.00111. But that price tag will only hold for less than another six days, so don’t wait around too long if you plan to buy.
Other investors have already bet more than $2.2 million on the project.
Buy 99Bitcoins tokens on the official website here.
Also Read:
99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
