Coin Edition -
- Cardano showed signs of strength while entering the final quarter of 2023.
- Avalanche rallied over 11% yesterday before retracing to close below its opening price.
- DOT rallied on the first day of October to establish the upper limit of the sideways range.
Cardano recently climbed into the top 10 category of cryptocurrencies registered on CoinmarketCap, the popular crypto aggregation platform. As of the time of writing, the famous Proof-of-Stake blockchain ranked 8th among the 8,981 active cryptocurrencies listed on CoinmarketCap.
Cardano’s native cryptocurrency, ADA, showed signs of strength while entering the final quarter of 2023. ADA climbed above significant support at $0.2543 and has since converted that price level into support. Despite making a retracement, the price has remained above that level, with users expecting the blockchain token to push further upwards.
If the uptrend continues, ADA will likely test another resistance at $0.2796, a break above which would open the way for a more pronounced rally, as there are hardly any roadblocks ahead.
Avalanche (AVAX) rallied over 11% yesterday before retracing to close below its opening price. Yesterday’s price rally followed several days of significant upward movement since AVAX picked up from a local low of $8.61 on September 25.
At the peak of yesterday’s rally, AVAX reached a local high of $11.88, reflecting a 37.34% gain from the September 25 low. The rally also marked a break above a significant resistance at $11.21, above which the price may continue to much higher price levels.
AVAX had retraced as of the time of this post, with the blockchain token trading at $10.24. However, users anticipate the upward movement to continue, hoping the current support around $10.15 holds.
Polkadot (DOT) has trended sideways for nearly one month, ranging between $3.908 and $4.310. Notably, the price has established significant support along the lower price range, having failed to break below that region despite multiple attempts.
DOT rallied on the first day of October to establish the upper limit of the sideways range. However, the blockchain token’s price has returned to the lower limit. Several users believe that the crypto token is oversold, with the tendency to retest the upper limit and possibly break above it soon.
The post Cardano, Avalanche, and Polkadot: Are They Poised to Explode? appeared first on Coin Edition.