Cardano Backers Shift Focus to Promising Presale Token Cutoshi

As the crypto market gears up for a bullish October, traders are increasingly eyeing Cutoshi as an exciting alternative, especially as Cardano struggles to regain its momentum.

With the market poised for a potential upswing, crypto enthusiasts are on the lookout for alternative coins that could deliver strong returns. However, not all tokens are performing equally well. While Cardano remains a favorite, it still faces challenges in stabilizing its performance.

Cutoshi, a new contender in the market, is generating significant buzz. Analysts suggest it could be the next big opportunity, and many investors are eagerly awaiting a potential surge by the end of 2024.

Cardano: From Star to Struggling Performer

Launched in September 2017 by Ethereum co-founder Charles Hoskinson, Cardano is a third-generation blockchain project designed to address the scalability and sustainability issues faced by networks like Bitcoin and Ethereum. Currently, Cardano boasts a market cap of over $12 billion.

However, Cardano has been trading below its 200-day simple moving average (SMA) for an extended period. The token has experienced a steep decline, dropping approximately 54.4% from its all-time high of $0.774 earlier this year, with a current price of $0.3555. After facing resistance at the $0.359 level, it saw a nearly 16% drop but found support around $0.34, recovering about 10% with three consecutive green candles in recent days.

The next key support and resistance levels for Cardano are $0.33 and $0.40, respectively. Trading volume has decreased by nearly 13% in the last 24 hours, and with a relative strength index (RSI) near 50, the token has yet to enter oversold territory.

Given its recent performance struggles, analysts and investors are increasingly exploring alternative altcoins with promising potential. While there is optimism about Cardano's future, many believe that with the market entering a bullish phase, the token could stabilize by the end of Q4.