Experts predict Cardano will surge to $24 after recent DDoS attack

FieryTrading analyzed Cardano’s bullish potential amid DDoS attacks and escalations and set a target of $24 with a high risk/reward ratio of 116.
As Cardano (ADA) goes through a period of activity, TradingView analyst FieryTrading shared insights on ADA’s possible upward movement, noting that it could peak in the next bull cycle.
While this is not a high probability outcome, the risk/reward ratio of 116 makes this an attractive opportunity for traders. According to the analyst, the suggested entry point is close to the channel support and could be a bit lower.
However, this analysis comes at a time when Cardano is going through an eventful period, including a notable DDoS attack and an upcoming network upgrade.
Technical Analysis and Potential Targets
FieryTrading’s chart shows a detailed technical analysis of ADA against USDT on a weekly basis. The chart highlights an ascending trend channel, marked by the parallel purple dashed lines, indicating a long-term bullish trend that has been in place since mid-2020.
A potential bullish target is set at $24.5800, representing a significant increase from the current price of 5852.38%. Conversely, the Stop Loss level is set at $0.2110, which is a 50.24% drop from the current price. This high risk/reward ratio of 116.49 suggests that the potential rewards outweigh 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, which is close to the oversold territory, which could indicate that there could be buying opportunities if the trend continues to decline.
Moreover, the Moving Average Convergence Divergence (MACD) line is slightly below the signal line at -0.024, indicating a bearish trend. However, the small difference suggests that momentum could soon shift.
Strong performance in DDoS attacks
Additionally, Cardano has recently withstood a DDoS attack and remained fully operational due to its decentralized architecture and strong security measures. Analyst Dan Gambardello highlighted Cardano’s resilience, security, and community responsiveness as its fundamental strengths.
Additionally, Cardano founder Charles Hoskinson announced that June will be crucial for the blockchain, with the upcoming release of Cardano Node 9.0, paving the way for the much-anticipated Chang fork. The upgrade is seen as a milestone that underscores Cardano’s commitment to continuous improvement and resilience.
As of now, the price of Cardano is $0.3914, with a price increase of 1.00% in the past week and a 24-hour trading volume of $245,079,789.90.
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