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Cardano (ADA) The coin completed its first green September in six years as the price surged by nearly 8%. This is important because crypto could enjoy an extended rally in October, resulting from More price gains for Cardano,
Cardano records first green September
cryptorank data It turns out that Cardano has recorded its first green September since its launch in 2017. This increases the chances of the crypto enjoying an extended rally as it presents a bullish outlook for ADA. Crypto analyst Plutus also suggested that Cardano could copy Bitcoin Monthly Returns After its first green September.
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He added that crypto could complete these positive monthly returns as loose monetary policy begins in the coming months. For Cardano to mimic Bitcoin’s historical monthly returns in the last quarter of this year would be huge for the coin, given that this is when the flagship crypto records its most profitable returns.
Notably, October has historically been one of the best months for Bitcoin, as the crypto has recorded only two negative monthly returns since 2013. Most of its profits have also been in double digits. So, October could be huge for Cardano if Cardano copycat happens BTC monthly returns,
Meanwhile, although October has historically not been a good month for Cardano, it is much different this time. monetary easing policies Presenting a bullish outlook for the crypto market. US Fed rate cut and China’s stimulus package were among the factors that contributed to ADA enjoying a monthly green candle in September. Thus, crypto could enjoy an extended rally as these monetary easing policies continue.
It is also noteworthy that the fourth quarter of 2023 was very bullish cardano It recorded double digit profits in October, November and December. A similar price increase this fourth quarter would see ADA reclaim $1 and record a new yearly high in the process. This would provide a much-needed boost to the coin, as it suffered a year-to-date (YTD) loss of nearly 40%.
Other Factors That Support an Extended Rally
From a technical point of view, Plautus notes that the current Heikin Ashi Monthly Candle is green, indicating a directional change on the cards. The analyst also revealed that the weekly Gaussian channel, which reversed sharply in February, is still green, suggesting that more impulsive moves to the upside are on the horizon. cardano,
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Cardano’s fundamentals are also bullish. testnet for Privacy Protocol Midnight Network Just went live recently. This privacy solution will help developers build decentralized applications that will ensure that users’ data is well protected, a move that could attract more users to the network. The network is already one of the most decentralized, which is transforming Voltaire eraWhich focuses on community-driven governance.
At the time of writing, Cardano is trading at around $0.35, down more than 6% in the last 24 hours. data From CoinMarketCap.
Featured image created with Dall.E, chart from tradingview.com
