Cardano’s (ADA) price has increased by a modest 3.85% in the last 24 hours. This hike has brought back hopes that the altcoin could produce gains for investors who purchased the token at a higher value than its current price.

While optimism surrounds ADA’s potential growth, technical and on-chain data suggest that such ambitious profit targets might be unrealistic. Here is why.

Cardano Sets Holders Up for Disappointment

Cardano’s recent increase has ensured that the price did not pull back to $0.30. While it trades at $0.36, the Global In/Out of Money (GIOM) shows that those who accumulated ADA between $0.36 and $0.39 are still holding at a loss.

For context, the GIOM categorizes addresses and volumes based on their profitability. By showing this aggregate, the indicator can spot resistance and support areas that could either help accelerate the upswing or invalidate it.

Typically, the larger the volume (clusters), the stronger the support or resistance. As seen below, 373,000 addresses that accumulated 5.21 billion ADA at an average price of $0.37 are out of the money. At current prices, this volume is worth $1.87 billion and is larger than those holding ADA in profits, which purchased around $0.35.

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

Based on the conditions above, it is highly unlikely that ADA will reach $0.39 in the short term due to this supply zone. As such, some of these Cardano investors might fail to achieve the profitable status desired.

Another indicator suggesting a Cardano price decrease is the Bull Bear Power (BBP). The BBP compares the strength of buyers (bulls) with that of sellers (bears). When the indicator’s reading is green, buyers are in control, but if it is in the red, sellers are dominant.

On the daily chart, there is a slight green histogram bar. However, it is nothing compared to the red ones, suggesting that bulls are yet to match bearish control.

ADA Price Prediction: No More Appreciation

Following its recent jump, ADA is approaching two major supply zones: one at $0.42 and the other around $0.50. An analysis of the daily chart shows that Cardano might face resistance around $0.37.

If validated, this could send the token’s value down to $0.34 support. If bulls fail to defend this support, ADA’s price might see another decline, and the cryptocurrency’s value could tank to $0.31.

Read more: 6 Best Cardano (ADA) Wallets You Should Consider in October 2024

On the flip side, Cardano could resist going down to that point if the strength of buyers improves. Should that be the case, the Cardano’s price might breach $0.42 and head toward $0.50.

The crypto markets are gearing up for a news-packed week, with several key events on the horizon. 

Meanwhile, Bitcoin (BTC) flipped green after climbing above $63,000, signaling that “Uptober” might be in play again.

FTX Court Hearing

The deadline for the court hearing related to FTX creditor repayments is on October 7, amid chatter that the exchange will begin distributing $16 billion to its creditors sometime this month. BeInCrypto reported on the controversy, with creditors angry about the abysmal compensation coming their way.  

FTX creditor activist Sunil Kavuri explained expectations in a recent post on X. He said that if the court approves the repayment plan, claimants expecting amounts below $50,000 could start receiving payments by late 2024. However, those owed larger sums may have to wait until mid-2025.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

However, FTX token FTT recorded significant volatility amidst buzz about the upcoming hearing. Token deposits increased as traders positioned for potential exits amid volatility ahead of a crucial hearing.

OKX Delists These Five Tokens

OKX exchange also makes it to the top crypto news this week, with five tokens up for delisting, according to a late September announcement. On October 8, the exchange will delist spot trading for REN, TAKI, LEASH, ORB, and KINE tokens.

“We advise users to cancel orders on these trading pairs (REN/USDT, REN/USDC, TAKI/USDT, LEASH/USDT, ORB/USDT, and KINE/USDT) before the delisting. Otherwise, the system will automatically cancel these orders. The cancellation may take 1-3 working days,” the exchange said.

Token delisting typically causes a drop in trading volume and liquidity, making it harder for holders to sell at fair prices. It often leads to sharp price declines as investors panic sell or lose confidence in the token. Consequently, holders may face significant losses in the value of their assets.

EIGEN and APT Token Unlocks

EIGEN token holders should brace for volatility ahead of a $35.75 million worth of unlocks on Tuesday. An official announcement from the Eigen Foundation said this unlock event would bring new opportunities for participation across the EigenLayer ecosystem. Notably, this will mark the network’s first cliff unlock event.

On Friday, October 11, the Aptos ecosystem is set to unlock 11.31 million APT tokens, valued at $97 million based on current prices. These tokens will be distributed among the foundation, community, core contributors, and investors.

Tokens allocated to the community and investors may enter the market quickly as holders cash in for short-term profits. This influx could potentially impact APT’s price, creating downward pressure.

HBO’s Big Satoshi Nakamoto Reveal

Satoshi Nakamoto’s identity may become public information this week, with American television network HBO due to premiere its much-awaited documentary on Tuesday. Opinion polls on Polymarket suggest Len Sassaman may be the creator of Bitcoin.

Sassaman, now late, was an American technologist, cryptographer, and privacy advocate, a befitting profile for the pseudonymous Satoshi Nakamoto. He is said to be the biggest crypto billionaire ever, holding 1.1 million BTC tokens worth almost $67.5 billion at current rates.

“Len Sassaman’s wife had direct communication with the “creator” of Bitcoin After he died she was “thinking about” fundamentally altering Bitcoin She still has access to his “old hard drives” which means she has access to 1 million Bitcoin (5% of all Bitcoin, worth nearly$65 billion),” one X user commented.

Stacks Nakamoto Hard Fork

Nakamoto is making headlines twice in crypto news this week, with the second being the upcoming Stacks hard fork on October 9. It is a major upgrade on the Stacks network designed to bring several benefits, the main ones being increased transaction throughput and 100% Bitcoin finality.

With this upgrade, the Stacks blockchain would realize new capabilities and improvements, focusing on key advancements. These include improved transaction speed, enhanced finality guarantees for transactions, mitigated Bitcoin miner MEV (miner extractable value) opportunities that affect PoX, and enhanced robustness against chain reorganizations.

PEPPER Airdrop Snapshot

After the first snapshot on September 30, fan engagement Web3 project Chiliz (CHZ) has another airdrop of its PepperChain (PEPPER) token to CHZ holders on October 10 across major exchanges outside the US.

PEPPER airdrop is part of a continued strategy to expand and diversify the Chiliz ecosystem. The ecosystem is popular for its fan token platform and is deeply involved in the sports and entertainment industries.

Read more: What are Crypto Airdrops?

The addition of PepperChain positions Chiliz for community-centric initiatives that will reward active participation and engagement.

Upbit Suspends MKR and DAI Trading

Korea’s largest exchange, Upbit, will suspend trading pairs for MKR/BTC and DAI/BTC from 14:00 local time on October 11, 2024. This will support brand reshaping as Maker transitions to Sky Protocol and its MKR token changes to Sky.

Similarly, Dai stablecoin will change to USDS. The suspension will last until the rebranding and token exchange is completed.

The DeFi community has its reservations about the rebranding. Some laud the move as a necessary evolution in response to market demands. Meanwhile, others are concerned that it shifts away from the decentralized principles that originally defined MakerDAO. 

“MakerDAO was an OG DeFi protocol aiming to build an autonomous, decentralized stablecoin with low volatility against fiat currency, backed by ETH. DAI is now migrating to USDS, a stablecoin that goes against its original vision,” Lumberg, one of the prominent DeFi community members, commented.

Still, others say the change could have long-term effects on the DeFi sector, as introducing USDS and SKY could lead to a centralization trend within the space.

The month of October, better known as “Uptober” in the crypto market, is expected to trigger rallies and gains for many altcoins.

BeInCrypto has analysed the top three tokens that should be on your watchlist this week and what you should expect from their price action.

FTX Token (FTT)

FTT price has already been rallying over the last few days as the rumors of the repayment to creditors began making the rounds. This led to the altcoin noting an 84% surge in the last eight days.

Trading at $2.57, the FTX token is expected to continue its rally this week as the actual hearing of the repayment plan is scheduled for October 7. This hearing could be the path to $16 billion worth of distribution among creditors.

Read More: Who Is John J. Ray III, FTX’s New CEO?

Consequently, FTT’s price could benefit from the surge in optimism, pushing the altcoin to $2.98 and higher. However, after the announcement of repayment, FTT might experience a pullback as traders could follow the principle of buying the rumor and selling the news.

MANTRA (OM)

MANTRA’s mainnet is scheduled to go live sometime before the end of this month, and the effects of the anticipation can already be seen in OM’s price. The native token of the L1 chain established a new all-time high today.

OM price’s previous ATH was established back in mid-July, and the new high was $1.47. However, by the looks of it, this ATH will be short-lived as the bullishness could keep driving the price higher.

Read More: How To Invest in Real-World Crypto Assets (RWA)?

Nevertheless, if the investors attempt to cash out at the current price, a drawdown is on the cards. The next likely support could be formed around $1.20, but further drawdown could bring OM to $1.04.

Stacks (STX)

STX price does not have an all-time high scheduled anytime soon, but a rally is still on the cards. This is because the altcoin’s network will be going through one of the biggest hard forks – Nakamoto.

The Nakamoto upgrade on October 9 is expected to enhance the network immensely by reducing the Stacks’ block time to five seconds. Along with this the upgrade will also create 100% Bitcoin finality.

Read More: What Are Sidechains And How Do They Work?

Consequently, STX price is expected to rally to $2.06, the next crucial resistance level. Breaching it will enable a rise to $2.26 and also mark a four-month high for the altcoin.