Posted on

Crypto Analyst Predicts Major Price Shift For Cardano (ADA)

LuckSide, a crypto analyst, has weighed in on the price action of Cardano (ADA), giving an analysis of the near-term price performance of the crypto asset. 

Cardano (ADA) Poised For Bullish Or Bearish Trajectory

The crypto analyst recently shared his predictions for Cardano (ADA) with the crypto community during one of his YouTube videos. In the YouTube video – “CARDANO ADA – MOMENT OF TRUTH!,” LuckSide asserted that ADA is at a critical crossroads.

The analyst revealed a technical projection that indicates ADA is about to undergo a major price shift. According to him, this is either a bullish or a bearish trajectory in the near future.

LuckSide finds signals that are pointing in the direction of a significant price shift, after analyzing ADA’s price charts. This analysis is centered on the significant price gap in the Cardano native token.

Cardano

LuckSide asserted that the gap is “where the highest concentration of liquidity is located for ADA.” This is marked by ongoing selling pressure at the resistance level between “$0.60 and $0.67,” in sharp contrast to a $0.40 level. 

This gap denotes an unexplored area and suggests a potential strong move, given ADA’s price history. He noted that Cardano could either rise to test the resistance level around $0.70 or drop to the $0.40 support level.

The crypto expert also pointed out signs of robustness and strength of ADA in his video. The stability of pivotal support levels and moving averages underscores the strength of the crypto asset.

The larger market indicators, such as the volatility and price stability of Bitcoin (BTC), further support this resiliency. The analyst also attributed the market’s movement to the impending Bitcoin Halving event in Mid-2024, due to its market impact. 

However, LuckSide notes that unforeseen circumstances have the potential to change ADA’s direction while conceding the unpredictability of the market. He further added that although, a decline to $0.40 “might create opportunities to buy the token at a lesser price.”

The Network’s Growth Is Similar To Bitcoin

Charles Hoskinson, the founder of Cardano recently underscored the network’s growth, acknowledging that it mimics the natural growth of Bitcoin. The founder took to X (formerly Twitter) to celebrate the network’s performance with the community.

In the X post, Hoskinson stated that he has been observing with “glee as some people worry about Cardano’s blocks filling up.” He further reminded the community about the criticism of the network being a useless “ghost chain,” with no liquidity.

Hoskinson has assured the community that “Cardano is designed to handle these loads.” He noted a “huge design space” that optimizes the network and DApps for greater scalability in the short and long term.

In addition, he has highlighted the network’s victories without Venture Capital (VCs), the media, or influencers. 

Cardano

Posted on

Ledger Commits To Full Restitution For Victims Of $600,000 ConnectKit Attack

Hardware wallet manufacturer Ledger has responded to a recent security breach resulting in the theft of $600,000 worth of user assets. 

The company has pledged to enhance its security protocols by eliminating Blind Signing, a process where transactions are displayed in code rather than plain language, by June 2024.

Ledger Takes Responsibility For ConnectKit Attack

In a statement, Ledger emphasized its focus on addressing the recent security incident and preventing similar occurrences in the future. 

The company acknowledged the approximately $600,000 in assets that were impacted by the ConnectKit attack, particularly affecting users blind signing on Ethereum Virtual Machine (EVM) decentralized applications (dApps). 

Furthermore, Ledger pledged to make sure affected victims are fully compensated, including non-Ledger customers, with CEO & Chairman Pascal Gauthier personally overseeing the restitution process. 

According to the statement, Ledger has already initiated contact with affected users and is actively working with them to resolve their specific cases.

In addition, by June 2024, blind signing will no longer be supported on Ledger devices, contributing to a “new standard of user protection” and advocating for “Clear Signing,” which refers to a process that allows users to verify transactions on their Ledger devices before signing them across dApps.

On this matter, Ledger’s CEO Pascal Gauthier stated: 

My personal commitment: Ledger will dedicate as much internal and external resources as possible to help the affected individuals recover their assets.

Heightened dApp Security Measures

According to an incident report released by the hardware wallet manufacturer, the attack exploited the Ledger Connect Kit, injecting malicious code into dApps utilizing the kit. 

This malicious code redirected assets to the attacker’s wallets, tricking EVM dApp users into “unknowingly signing transactions” that drained their wallets. 

Ledger addressed the attack by deploying a genuine fix for the Connect Kit within 40 minutes of detection. The compromised code remained accessible for a limited time due to the nature of content delivery networks (CDNs) and caching mechanisms.

Ledger acknowledged the risks faced by the entire industry in safeguarding users and emphasized the need to continually raise the bar for security in dApps. 

The company plans to strengthen its access controls, conduct audits of internal and external tools, reinforce code signing, and improve infrastructure monitoring and alerting systems. 

Additionally, Ledger will educate users on the importance of Clear Signing and the potential risks associated with blind signing transactions without a secure display.

Notably, with Clear Signing, users are presented with a clear and readable representation of the transaction details, enabling them to review and validate the transaction before providing their signature. 

This added layer of transparency and verification helps users mitigate the risks associated with front-end attacks or malicious code injected into decentralized applications

Ledger

Featured image from Shutterstock, chart from TradingView.com

Posted on

BREAKING: Sushi DeFi Security Breach: CTO Sounds Alarm, SUSHI Price Drops 4%

In a significant blow to the decentralized finance (DeFi) sector, the Sushi DeFi protocol has fallen victim to its second exploit this year.

The protocol’s Chief Technology Officer (CTO), Matthew Lilley, has issued a stark warning to users, advising them to refrain from using any decentralized applications (dApps) until further notice.

Sushi And Zapper Frontends Compromised

The latest breach has prompted concerns about the security and integrity of the Sushi DeFi protocol and other associated dApps. According to Lilley, a widely-used web3 connector has been compromised, allowing malicious code injection that affects numerous dApps. 

Specifically, dApps that use the LedgerHQ/connect-kit, a dApp that allows users to connect other dApps to their Ledger hardware wallets, are considered vulnerable. Notably, Lilley’s warning underscores the severity of the situation, emphasizing that this is not an isolated attack, but a large-scale assault targeting multiple dApps.

Further investigation by security experts has revealed a potential supply chain attack on the ledger connect kit. The attacker allegedly successfully injected a wallet-draining payload into the popular Node Package Manager (NPM), impacting several prominent dApps, including Hey and others. 

Additionally, it has been discovered that the Zapper and Sushi frontends have been hijacked, exacerbating the scope of the breach.

Slowmist, a module of Ledger, further confirmed that their system was hijacked and tampered with during the supply chain attack. This compromised the integrity of the ledgerhq/connect-kit library, which is relied upon by many dApps. 

As a result, users are urged to exercise caution when conducting any dApp-related operations and to scrutinize requests for wallet information that may appear unexpected.

Malicious Connect Kit Neutralized? 

In an official statement, Ledger has confirmed the identification and removal of a malicious version of the Ledger Connect Kit. The company assures users that their Ledger devices and Ledger Live remain uncompromised. 

The company stated that a genuine version of the Connect Kit is currently being pushed to replace the malicious file. Ledger advises users to refrain from interacting with any dApps at the moment for their safety. 

The company pledges to provide updates as the situation develops, ensuring users stay informed about the ongoing efforts to address the security breach.

SUSHI’s Uptrend Threatened By Exploit Fallout

In light of recent events affecting the Sushi DeFi protocol, its native token, SUSHI, has experienced a decline of over 4% within the past hour, reaching a low of $1.590. 

Sushi

Before the exploit, SUSHI had been exhibiting a notable uptrend structure on its 1-day chart, marked by higher highs and higher lows. However, with the loss of its crucial support level at $1.961, there is a potential invalidation of the previously established uptrend. 

The uncertainty surrounding the protocol’s native token raises the possibility of further downside in SUSHI’s price action. If a sustained downtrend continues, the next significant support level for SUSHI is located at $1.084. 

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Massive Redistribution: Sui Foundation Retrieves 117 Million SUI Tokens From Market Makers

The Sui (SUI) Foundation has announced its latest initiative to strengthen its decentralized finance (DeFi) ecosystem, reclaiming 117 million SUI tokens worth $51.3 million from external market makers. 

The tokens will be redirected into various channels to support the growth of the Sui Network. This Layer 1 blockchain has gained recognition for its scalability since its mainnet launch in May.

Per the announcement, the reallocation of these tokens will not impact the circulating supply of SUI, as they were previously released. 

In addition, the Sui Foundation has already earmarked 25 million SUI tokens to award winners of its liquid staking hackathon, which was announced earlier this week.

Sui Foundation To Support Developers With Repatriated Resources

According to the Sui Foundation, the influx of resources from this initiative is expected to support Sui’s community of builders, developers, and ecosystem participants, fostering growth in the coming months for the protocol. 

The newly repatriated resources will be channeled towards several key areas, including offering grants to developers for building decentralized applications, supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers, and liquid staking and lending protocols.

Sui’s DeFi ecosystem, which, according to the announcement, has demonstrated strong adoption, will be a primary beneficiary of these new allocations. 

The network recently achieved its highest Total Value Locked (TVL) at approximately $38 million, marking a growth of over 100% in the past two months, according to DefiLlama, a leading DeFi TVL aggregator.

Furthermore, the Sui Foundation team believes these recent achievements have been remarkable, especially considering the short time since its mainnet launch. The network set an industry record by executing 65.8 million transactions daily, surpassing all other blockchains. 

Per the announcement, Sui’s scalability remained intact despite the concentrated traffic, with the cost per transaction unaffected. Within just over four months, the network has attracted over 6 million active wallets. 

Additionally, Sui introduced zkLogin, a unique native feature that enhances privacy and security by enabling users to access decentralized applications through their existing Web 2 social accounts.

A Bright Future For The Network?

Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future growth, emphasizing that the milestones achieved thus far are only a fraction of what the network aims to accomplish. Siourounis stated: 

The milestones reached by Sui and its community in its first five months have been remarkable, but they represent only a fraction of what this network was built to achieve. Today’s reallocation represents a key influx of resources that will provide a new tailwind for Sui’s community of builders, developers, and ecosystem participants and fuel Sui’s ecosystem growth in the coming months and beyond.

Sui foundation

As of the current writing, the native token of the protocol, SUI, is trading at $0.4389, reflecting a 2% increase over the past 7 days. However, the token has experienced a decline of 6.4% within the 30-day timeframe. 

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?

Algorand (ALGO) has recovered from the bearish trend seen at the end of February 2023. From February 21 till May 8, ALGO recorded a loss of 45.13%, dropping to a low of $1.592. Despite the crash, buyers still pushed up the price of ALGO by more than 6% in the past few days.

Traders are optimistic and are eyeing the next move in the current trend, while the bears are slowing building momentum by holding their strong short position.

Will The Bulls Maintain This Current Bullish Momentum?

The sustainability of ALGO’s current price trend relies on several factors. Market conditions, such as supply and demand dynamics, overall economic factors, and external events, can generally influence the price.

However, the current market sentiment is bullish, while the Fear & Greed Index is 45, indicating neutral. This means the market’s state is stable, and the volatility is not high.

Within the last 24 hours, Algo’s general market cap gained 1.57%, rising to over $1 billion. The 24-hour trading volume surged by 15% overnight, rising to about $33 million.

Notably, at the time of writing, the ALGO token is trading at $0.1683 as bulls continue to have a good day with gains of 2.50%. 

However, the recent increase in ALGO’s general market suggests increased demand for the asset. As more investors and traders buy the asset, the increased buying pressure can lead to a rise in its price. The increase in trading volume suggests improved liquidity for the asset, which tend to attract more investor to the market. 

ALGO Technical Analysis

The price is below the 200-Day and 50-Day Simple Moving Averages (SMA). This suggests that ALGO market sentiment is still bearish; the selling momentum is stronger than the bull’s buying momentum.

However, the asset might rebound if the bulls increase their momentum, as green candles are showing today in the chart. The Relative Strength Index oscillator is showing 40.18. This means the asset is currently at neutral levels; the pressure from bulls and bears is normal.

Also, MACD is currently above the signal indicating a potential uptrend. The histogram confirms the bullish sentiment as its showing green candles and also above zero.

Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?

ALGO trades between its primary support and resistance levels of $0.1587 and $0.1853, respectively. The next key zones are the support level – $0.0992 and the resistance level – $0.2427.

Recent Development In The Algorand Ecosystem

Alogrand recently introduced a new plugin-based tool for enhancing Blockchain Data Access named Conduit. Conduit aims at providing improved access to blockchain data. It is an upgrade to the conventional one-size-fits-all Indexer, designed as a modular plugin-based tool. 

This plugin empowers decentralized applications (DApps) by offering precise and tailored data retrieval capabilities, all while maintaining cost-effective deployment options. Such developments on the network could increase adoption and utility and, in time, boost ALGO’s price.

Featured image from Pixabay and chart from Tradingview.com