FieryTrading analyzes Cardano’s bullish potential amid DDoS attack and upgrades, setting a target of $24 with a high risk/reward ratio of 116.
As Cardano (ADA) experiences a period of activity, FieryTrading, an analyst on TradingView, has shared insights about ADA’s potential upward movement within its parallel channel. FieryTrading suggests a possible top during the next bull cycle.
Despite not being a highly probable outcome, the risk/reward ratio of 116 makes this an attractive opportunity for traders. According to the analyst, the suggested entry point is near the support of the channel, possibly lower on a wick.
However, this analysis comes amidst an eventful period for Cardano, including a notable DDoS attack and upcoming network upgrades.
Technical Analysis and Potential Targets
FieryTrading’s chart reveals a detailed technical analysis of ADA against Tether (USDT) on a weekly timeframe. The chart highlights an upward trend channel, marked by parallel purple dotted lines, indicating a long-term bullish trend since mid-2020.
The potential bullish target is set at $24.5800, representing a massive increase of 5852.38% from the current price. Conversely, the stop-loss level is placed at $0.2110, a 50.24% decrease from the current price. This high risk/reward ratio of 116.49 suggests potential rewards outweighing the risks involved.
Indicators and Market Sentiment
Despite the bullish outlook from FieryTrading, other technical indicators present a mixed picture. The Relative Strength Index (RSI) is currently at 39.08, approaching oversold territory, which could indicate potential buying opportunities if the trend continues downward.
Additionally, the Moving Average Convergence Divergence (MACD) line is slightly below the signal line at -0.024, indicating a bearish trend. However, the minimal difference suggests that momentum could shift soon.
Resilience Amidst DDoS Attack
Elsewhere, Cardano recently withstood a DDoS attack, maintaining full operational status due to its decentralized architecture and robust security measures. Analyst Dan Gambardello highlighted Cardano’s resilience, security, and community response as fundamental strengths.
🚨Breaking: Cardano Hit with DDoS Attack and Absolutely Thriving!
The Cardano blockchain went under a DDoS attack but remains fully operational. Because there is no single point of failure, this means the load is spread out, making it super tough for any attack to take it down.…
— Dan Gambardello (@cryptorecruitr) June 25, 2024
Moreover, Charles Hoskinson, the founder of Cardano, announced that June would be pivotal for the blockchain with the impending release of Cardano node 9.0, setting the stage for the much-anticipated Chang fork. This upgrade is seen as a milestone, reinforcing Cardano’s commitment to continuous improvement and resilience.
During this press, Cardano’s price is currently trading for $0.3914, with a 24-hour trading volume of $245,079,789.90. ADA has seen a 1.00% price increase in the past week.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
