As the crypto market enters a bullish phase, traders seek high-return altcoins. While Cardano still needs time to stabilize, the new token Cutoshi is gaining attention, with analysts predicting a potential surge by late 2024.
With the cryptocurrency market poised to enter its bullish phase in October, enthusiasts and speculators are seeking alternative coins offering solid returns.
Nevertheless, not all tokens operate in the same manner. Cardano, the market’s most popular cryptocurrency, requires additional time to stabilize its operations.
Cutoshi, a new moniker in the market, is capturing everyone’s attention. According to analysts and informal sources, it has the potential to be the next significant development, and investors are eagerly anticipating its launch by the conclusion of 2024.
Cardano’s Transformation from Success to Struggling Performer
In September 2017, Charles Hoskinson, the co-founder of Ethereum, initiated Cardano, a third-generation blockchain initiative. It was developed to address the scalability and sustainability concerns of networks such as Ethereum and Bitcoin. Cardano’s current market capitalization exceeds $12 billion.
For an extended period, Cardano has been trading below its 200-day moving average. The current price of $0.3555 is nearly 54.4% lower than its all-time high of $0.774 in 2024.
The price plummeted by nearly 16% after encountering rejection at the $0.359 level and found support at $0.34. However, it has since recovered by approximately 10%, forming three green wicks in the past three days.
The subsequent critical support and resistance levels are $0.33 and $0.4, respectively. The volume has decreased by nearly 13% in the past 24 hours; however, the RSI is nearly 50, indicating that we must remain in the oversold region.
Cardano’s performance has been subpar in recent times. Analysts and investors cannot anticipate the subsequent action and have initiated the search for alternative currencies in the market that generate favorable returns.
They think that the token has the potential for a positive future. Cardano’s performance is anticipated to remain consistent by the conclusion of Q4, given the market’s current optimistic phase.
Cutoshi: A Utility Token Fortunate to Attract Institutional Investors
By establishing an ecosystem governed by the community and in which the power for decision-making and control is in the hands of its users, Cutoshi provides freedom, privacy, and decentralization in response to the high volatility market conditions currently affecting many meme coins. It adheres to the trajectory of its creator, Satoshi Nakamoto, who shared the same vision for blockchain.
CUTO is a utility token that is a part of the Cutoshi ecosystem. This ecosystem provides a learning platform to disseminate information about deFi, web3, and cryptocurrencies to its community, as well as a self-custodial DEX that eliminates the need for users to undergo a lengthy KYC process.
Cutoshi announced the introduction of its merchandise, which includes bags, mugs, and technology hardware. This will assist users in transporting the Lucky Cat, which is believed to bring good fortunes and prosperity. This will facilitate the community’s growth and foster unity.
Cutoshi’s stage one presale was noteworthy, raising approximately $300,000. It is presently priced at $0.22 and is in the second stage of the presale. By December of this year, analysts and cryptocurrency speculators anticipate it will attain a valuation of $0.8.
