Cardano (ADA) Price Analysis: Analyst Predicts $24 Target Amid Resilience and Upgrades

Cardano (ADA) has recently faced significant challenges and developments, including a thwarted DDoS attack that was intended to disrupt its blockchain operations.
Market analysts like FieryTrading predicted ADA could reach $24 per coin, reflecting a bullish sentiment based on long-term chart analysis.

Cardano (ADA) has been bustling with activity recently. From enduring a DDoS attack to preparing for significant network upgrades, the project is continuously evolving. Amidst these developments, analyst FieryTrading on TradingView has generated buzz with a bullish prediction: ADA could soar to an astonishing $24 per coin. As per the CNF update, some market analysts have also been expecting the Cardano price to rally to $40.

FieryTrading’s analysis, based on a weekly timeframe chart, exudes long-term optimism. The analyst highlights an upward trend channel, indicated by parallel lines, pointing to a bullish trajectory since mid-2020. This trend underpins their bold target of $24.58 per coin, representing a remarkable 5852% increase from the current price.

The potential reward is substantial, but FieryTrading acknowledges the inherent risk. They have set a stop-loss level at $0.2110, indicating a significant potential loss. However, the calculated risk/reward ratio of 116 suggests that, for some traders, the potential rewards justify the risks.

While the chart analysis is bullish, other technical indicators offer a more complex view. The Relative Strength Index (RSI) nearing oversold territory could indicate buying opportunities, but the MACD indicator points to an ongoing bearish trend. As of press time, Cardano’s native crypto ADA is trading 2.68% down at $0.3795 with a market cap of $14.5 billion.

Cardano sustains DDoS Attack

Earlier this week, on Tuesday, June 25, the Cardano team successfully thwarted a DDoS in an attempt to steal the ADA tokens from the platform. Thus, the team prevented any major damage to the Cardano ecosystem.

A DDoS attack, a common tactic used by attackers, overwhelms a server (or a blockchain) with excessive traffic, disrupting legitimate users’ access to online services and websites.

Fluid Token Chief Technology Officer @ElRaulito_cnft shared details of the DDoS attack on the X platform. He reported that the attack began on block 10,487,530, with each transaction executing 194 smart contracts. The attacker allegedly spent 0.9 ADA per transaction, filling each block with numerous transactions to stress the Cardano blockchain.

Key Developments Within the ADA Ecosystem

As reported by Crypto News Flash, the Cardano ledger team achieved a significant milestone by implementing CIP-0069, enhancing PlutusV3 functionality. Key bugs have been fixed, including correcting script execution, preventing delegation to non-existent pools, and strengthening the core technology.

Additionally, further improvements have been made in wallets, smart contracts, and scaling infrastructures. The Cardano team is also preparing for the Chang fork, which is scheduled a few days later.

Cardano (ADA) co-founder Charles Hoskinson has praised the development team for securing a sustainable future amidst the growing adoption of Web3 protocols and digital assets. Meanwhile, the Sundae v3 protocol reported processing approximately 9,264 orders in the 24 hours leading up to Sunday, highlighting a significant increase in adoption, reported CNF.

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.