Cardano; Avalanche and Polkadot: Potential Explosive Growth?


As we entered the last quarter of 2023, Cardano demonstrated strength. Avalanche experienced an impressive 11% rally yesterday, although it retraced and closed below its initial price. Meanwhile, Polkadot (DOT) had a strong start to October, setting the upper boundary for its sideways trading range.

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Cardano (ADA): Climbing the Ranks

Cardano, a popular Proof-of-Stake blockchain, has risen into the top 10 cryptocurrencies on CoinmarketCap. As of now, it holds the 8th position out of nearly 9,000 active cryptocurrencies listed on the platform. ADA, Cardano’s native cryptocurrency, has shown strength by surpassing the $0.2543 support level and maintaining it.

While there was a retracement, ADA is still above that level, and users expect it to continue rising. If the uptrend persists, ADA may test the $0.2796 resistance, potentially leading to a more significant rally.

Avalanche (AVAX): Impressive Rally

Avalanche (AVAX) recently experienced an impressive 11% rally, although it retraced from its peak. This rally followed several days of upward movement since AVAX’s local low of $8.61 on September 25. During the rally, AVAX reached a high of $11.88, marking a 37.34% gain from its September low. It also broke a significant resistance at $11.21, which could indicate the potential for further price increases.

While there was a retracement, users expect the upward trend to continue, with hopes that the current support around $10.15 remains strong.

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Polkadot (DOT): Sideways Trend and Potential Breakout

Polkadot (DOT) has been trading sideways for nearly a month, ranging between $3.908 and $4.310. Interestingly, the price has found substantial support at the lower end of this range, despite several attempts to break below it. On the first day of October, DOT rallied to establish the upper limit of this sideways range.

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However, it has since returned to the lower limit. Some users believe DOT is oversold and anticipate a retest of the upper limit, with the potential for a breakout above it in the near future.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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