Can Cardano Price Hit $0.36 On Hydra DOOM Game Stats?

Cardano price found strong support over the weekend, which cut short the anticipated price drop. The asset has entered into a new bullish trend that is expected to break out soon. Meanwhile, the RareEvo blockchain event that ended on August 17 shed some light on Cardano’s future concerning expected network speed with the Hydra upgrade. This may have contributed to the turn in ADA price sentiment.

Cardano Price May Surge on Hydra DOOM Game Stats

The RareEvo event, held in Las Vegas from August 15 to 17, brought together blockchain enthusiasts and innovators for a dynamic showcase of cutting-edge technology. A standout moment of the event was a demonstration of Cardano’s Hydra technology, a layer 2 scaling solution designed to enhance the network’s transaction throughput and efficiency.

#Cardano fam,

Hail Hydra!! 🔥
• 3 Million transactions in approx 1hr
• 1663 Global TPS achieved. Constant 1000+ w/ZERO failed transactions
•14% 1hr @Cardano chain load!!!

Scaling, reliability, capacity

Check it out: https://t.co/vvoLOAlAgD$ADA @cryptorecruitr… pic.twitter.com/9Xqi3iL1fz

— Chris O (@TheOCcryptobro) August 16, 2024

In an impressive display, Hydra powered a DOOM game running at 35 frames per second with 35 transactions per second (TPS). The technology reached a peak performance of 1,663 TPS, processing over 3 million transactions within an hour.

In a further boost to the Cardano ecosystem, founder Charles Hoskinson announced a $1 million bounty for anyone who can successfully hack the Lace Paper wallet. This announcement has fueled excitement within the ADA community, with many enthusiasts confident that these developments position the coin for significant future gains.

ADA Price Analysis: All Eyes on $0.36

Cardano price dropped 0.5% in the last 24 hours to trade at $0.3333 as it trends within a descending channel on the 4-hour timeframe, indicating a short-term downtrend. With enough volume, falling channels have a higher chance of breaking to the upside, which would change the ADA sentiment to bullish.

ADA price will likely find support at the lower boundary of the descending channel, around $0.3188. If bears breach this level, we can expect a further decline toward the next significant support.

Conversely, Cardano price may encounter resistance at $0.3380, $0.3366, and $0.3637. If the price can close above this level, it would indicate a more bullish shift in the medium term.

The sentiment may already be turning bullish, as the Cardano Exchange Liquidation Map shows the majority of margin traders are Long on the asset. According to Coinglass, there is $8.4 million worth of Cumulative Long Liquidation Leverage, compared to about $7 million in Shorts.

This imbalance means the market is bullish overall on Cardano’s price as traders anticipate the price will increase in the future. Additionally, most Lons were opened around $0.326, coinciding with the current major support level.

The technical indicators suggest a neutral to bullish sentiment, with the Coppock Curve at 3.5647, which is positive but low. This indicates that the momentum is still relatively weak, which means the market could either consolidate further or prepare for a potential breakout.

If the Cardano price breaks above the upper boundary of the channel at $0.3380 with a volume increase, It may confirm the next significant move to $0.3637 and higher.