Cardano (ADA) Price Analysis: All Eyes on $0.36 as Hydra DOOM Game Stats Impress

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.

.36 as Hydra DOOM Game Stats Impress" >

Cardano (ADA) price showed surprising resilience over the weekend, defying expectations of a sharp price decline. Instead, the asset has kicked off a new bullish trend, setting the stage for a potential breakout.

As the RareEvo blockchain event concluded on August 17, it offered fresh insights into Cardano's future, particularly regarding network speed with the upcoming Hydra upgrade. This may have influenced the positive shift in ADA price sentiment.

RareEvo, a 3-day blockchain event, culminated in Las Vegas, bringing together blockchain enthusiasts and innovators to showcase cutting-edge technology. A key highlight was a demonstration of Cardano's Hydra technology, a layer 2 scaling solution designed to enhance the network's transaction capacity and efficiency.

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

“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: ”

In another boost to the Cardano ecosystem, founder Charles Hoskinson announced a $1 million bounty for anyone who can successfully hack the Lace Paper wallet during the event. This announcement sparked excitement among the ADA community, with many speculating that these developments could contribute to significant gains for the coin in the future.

ADA Price Analysis: Focus Shifts to $0.36

Cardano price has dropped 0.5% in the last 24 hours, trading at $0.3333. The asset is trending within a descending channel on the 4-hour timeframe, indicating a short-term downtrend. However, falling channels, with enough volume, have a higher chance of breaking to the upside, which would shift the ADA sentiment to bullish.

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

On the other hand, Cardano price may face 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 seems to be already turning bullish, as the Cardano Exchange Liquidation Map shows that the majority of margin traders are speculating on ADA's price to go up. According to Coinglass, there is $8.4 million worth of Cumulative Long Liquidation Leverage, compared to about $7 million in Shorts.

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