October Magic: Will Cardano and Toncoin Repeat Past Performance?

Cardano (ADA) and Toncoin (TON) prices plummeted recently, leaving traders and investors wondering if a reversal is on the horizon or if further losses are likely. As October begins, market participants are watching closely to see if these digital assets will repeat past performance or succumb to the prevailing negative market sentiment.

A look at key technical indicators, including support and resistance levels, shows some potential inflection points for these cryptocurrencies. While both tokens face short-term pressure, signs suggest a rebound may be possible, depending on market conditions in the coming days.

Cardano Struggles to Maintain Support

Cardano’s price has seen a significant drop, currently trading at $0.3682 after a 3.55% fall over the last 24 hours. The digital asset fell from the $0.385 range to its current level.

With a 24-hour trading volume of $256.6 million, liquidity is moderate but follows a declining trend. This drop is accompanied by a similar decrease in Cardano’s market capitalization, which now stands at approximately $12.87 billion.

Source: Coinmarketcap

Cardano faces immediate resistance at $0.385, which it failed to surpass during the last rally. A break above this level could signal a bullish reversal. Another minor resistance zone lies at $0.382, which the price briefly held before dropping. On the downside, $0.368 provides current support, but if this level breaks, ADA could fall further toward the $0.365 support level.

ADA/USD 1-day price chart, Source: Trading view

Read also: BTC, SOL, ADA, and XMR Surge: Key Levels to Watch

The 1-day RSI for ADA sits at 47.28, suggesting the asset is neither overbought nor oversold. This indicates neutral trading sentiment. However, the 1-day MACD is currently trading above the signal line, hinting at possible upward momentum in the short term.

Toncoin (TON) Battles Increased Selling Pressure

Toncoin has experienced a steeper decline, dropping by 7.60% in the past 24 hours to its current price of $5.38. The coin’s trading volume surged by 29.24%, which reflects the increased selling pressure as prices fell. Toncoin’s market cap, currently at $13.58 billion, mirrors this decline, dropping by 7.96%.

Source: Coinmarketcap

The $5.81 resistance level marks the previous high that Toncoin needs to overcome to return to a bullish trend. The next resistance level sits at $5.70, where some consolidation occurred before the sharp decline. On the support side, $5.38 serves as immediate support. If the price breaks below this level, Toncoin could fall toward the critical $5.30 support zone.

TON/USD 1-day price chart, Source: Trading view

Read also: ETH, TON, NOT, SOL, FET Make Waves: Price Analysis and Outlook

Toncoin’s 1-day RSI reads 43.35, indicating neutral sentiment, similar to Cardano. Moreover, the 1-day MACD suggests that a bullish trend reversal may be approaching as it trades above the signal line.

Source