Cardano did brilliantly with a recent attack on the network - what's next for the price of ADA?

Earlier this week, Cardano successfully thwarted a spam attack, and its founder Charles Hoskinson expressed satisfaction with the outcome.

Hoskinson shared a hilarious GIF on X, responding to a commenter who described the incident:

A hacker tries to do a DDoS attack on Cardano and the chain just slows down. Nothing else happens, and the scammer ends up with an ADA stolen from him?.

Nick, host of the Cheeky Crypto YouTube channel, discussed the implications of the event for Cardano's native cryptocurrency, ADA. It saw a 62% increase in Cardano trading volume after the attack, as ADA has reached a critical price zone. This surge suggests growing interest and trust in the web.

However, Nick warned of potential market reactions, noting that ADA has reached a significant support level at $0.38 after an 8.8% decline in the previous week. He described this price as historically significant since Binance listed the altcoin in 2018.

Using the daily chart of ADA/ USDT , Nick analyzes the price behavior of ADA, predicting possible developments in the medium term. He indicated that ADA is facing resistance within a trading pattern, which could lead to a further decline to the $0.338 area. Still, he acknowledged the upside potential.

To nullify the downtrend, Nick statements , that ADA should climb above $0.4406, which would push the price above the 50 EMA and 50 SMA indicators, indicating a trend reversal. However, he maintained a bearish outlook on ADA over the longer term.

The daily RSI indicator that Nick shared showed that ADA is in overbought territory, signaling continued significant bearish momentum.