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Cardano’s (ADA) price found strong support over the weekend, halting its downward trend. This development suggests that ADA has entered a new uptrend and could see a significant jump soon. This change may have been supported by announcements made at the RareEvo Blockchain event.
Cardano’s Hydra Technology and $1 Million Hack Reward Make Waves
The RareEvo event, held from August 15-17 in Las Vegas, brought together Blockchain enthusiasts. At the event, Cardano’s Hydra technology drew attention. Hydra is a layer 2 scaling solution aimed at increasing the network’s transaction capacity. The technology ran the DOOM game at 35 FPS and 35 transactions/second, completing 3 million transactions in one hour.
Additionally, Cardano’s founder Charles Hoskinson promised a $1 million reward to anyone who successfully hacks the Lace Paper wallet. This announcement generated significant excitement within the ADA community, with many investors believing these developments could lead to substantial future gains for Cardano.
ADA Price Analysis
From a price perspective, Cardano has dropped 0.5% in the last 24 hours to $0.3333 and is moving within a descending channel formation on the 4-hour timeframe. Despite showing a short-term downtrend, breaking this channel upwards is possible with sufficient volume.
ADA’s price may find support at the lower boundary of the descending channel at $0.3188. If this level breaks, further price declines are expected. On the other hand, the price may face resistance at $0.3380, $0.3366, and $0.3637. A close above the upper boundary of the formation at $0.3380 could indicate a more positive direction in the medium term.
Cardano’s liquidation map on exchanges shows that most margin investors are opening long positions. This indicates that the market generally expects ADA’s price to rise in the future. Technical indicators show that the Coppock Curve is positive but low at 3.5647, indicating that momentum is still weak. If ADA’s price rises above $0.3380, it could signal a significant move towards $0.3637 and beyond.
