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

Highlights

Cardano price eyes 8% gains if a critical resistance breaks.
Futures trading data shows more traders are Long on ADA.
Hydra DOOM game suggests high TPS for the Cardano chain.

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.

Frequently Asked Questions (FAQs)

1. Can Cardano Price Reach $0.36 Based on Hydra DOOM Stats?

Cardano price has gained strong support, entering a bullish trend. The RareEvo event showcased Hydra's potential, which could push ADA toward $0.36 if momentum continues.

2. What Is the Significance of Charles Hoskinson’s $1 Million Bounty?

Cardano founder Charles Hoskinson announced a $1 million bounty to hack the Lace Paper wallet, sparking excitement and boosting confidence in the ecosystem's security.

3. What Is the Market Sentiment Around Cardano Right Now?

Sentiment is turning bullish, with traders going Long on ADA. A breakout is possible if the price closes above $0.3380.

Trending
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.