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Cardano (ADA) It ended the greenest September in six years as the coin’s price rose by almost 8%. This is important because cryptocurrencies could enjoy a long-term rally in October. Further price increases for Cardano.
Cardano Record First Green September
crypto trunk data This marks Cardano’s first strong September since its launch in 2017. This points to a bullish outlook for ADA, making it more likely that the cryptocurrency will enjoy a long-term rally. Cryptocurrency analyst Plutus also suggested that Cardano could be replicated. Bitcoin monthly return Following the first green September.
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He added that cryptocurrencies can achieve these positive monthly returns in the coming months as accommodative monetary policies begin to kick in. Cardano mimicking Bitcoin’s historic monthly returns in the final quarter of this year will have a huge impact on Bitcoin, given that this is the period when the flagship cryptocurrency records its most profitable returns. will give.
Specifically, October has historically been one of the best months for Bitcoin, as it has only recorded negative monthly returns twice since 2013. Most of Bitcoin’s gains were also in double digits. Therefore, if October repeats, it could have big implications for Cardano BTC monthly return.
On the other hand, October has historically not been a good month for Cardano, but this time it will be very different. monetary easing policy He has a bullish outlook on the virtual currency market. The US Fed’s interest rate cuts and China’s economic stimulus were among the factors that led ADA to enjoy the monthly green candle in September. Therefore, as these monetary easing policies continue to roll out, cryptocurrencies could enjoy a prolonged rally.
It’s also worth mentioning that the fourth quarter of 2023 was very bullish. cardano Double-digit growth was recorded in October, November, and December. A similar price increase this fourth quarter will see ADA regain $1 and set a new yearly high in the process. This would be a much-needed boost for the coin considering its year-to-date (year-to-date) decline of around 40%.
Other factors supporting a prolonged bull market
From a technical perspective, Plutus is Heikin Ashi Monthly Candlestick is green to indicate that the card is changing direction. The analyst also revealed that the weekly Gaussian channel that bullishly reversed in February remains green, suggesting a more impulsive upside move is on the horizon. cardano.
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Cardano’s fundamentals are also bullish. that testnet Privacy Protocol Midnight Network I went to a live performance recently. This privacy solution helps developers build decentralized applications that reliably protect users’ data, potentially attracting more users to the network. The network is already one of the most decentralized; Voltaire erafocuses on community-driven governance.
As of this writing, Cardano is trading at around $0.35, down more than 6% in the past 24 hours, according to . data From CoinMarketCap.
Featured image created by Dall.E, chart on Tradingview.com
