Cardano has recently risen to the top 10 ranks among cryptocurrencies on CoinmarketCap, a popular crypto tracking platform. As of the latest data, this renowned Proof-of-Stake blockchain has secured the 8th position out of 8,981 active cryptocurrencies listed on CoinmarketCap.
Cardano's native cryptocurrency, ADA, has exhibited signs of strength as it enters the final quarter of 2023. ADA successfully surged above a crucial support level at $0.2543 and has managed to maintain that level as support. Despite a slight retracement, the price has remained above this mark, and users are optimistic about the potential for ADA to continue its upward trajectory.
If this upward trend persists, ADA is likely to challenge another resistance level at $0.2796. A breakthrough beyond this point could pave the way for a more substantial rally, with few apparent obstacles ahead.
Avalanche (AVAX) experienced an 11% rally yesterday before retracing and closing below its initial price. This rally came after several days of significant upward movement, starting from a local low of $8.61 on September 25.
At the peak of yesterday's surge, AVAX reached a local high of $11.88, marking a remarkable 37.34% gain from the September 25 low. This rally also breached a significant resistance level at $11.21, suggesting the potential for further upward movement in price.
As of the time of writing, AVAX had retraced to $10.24, but users are hopeful that the upward momentum will continue, banking on the current support level around $10.15.
Polkadot (DOT) has been moving sideways for nearly a month, trading within the range of $3.908 to $4.310. Notably, the price has found strong support within the lower range and has resisted multiple attempts to break below it.
On the first day of October, DOT experienced a rally, establishing the upper boundary of its sideways range. However, the price has since returned to the lower limit. Many users believe that the cryptocurrency may be oversold and anticipate a retest of the upper limit, potentially leading to a breakout in the near future.
