Cardano (ADA) completed its first green September in six years as the coin enjoyed a price gain of almost 8%. This is significant as the crypto could enjoy an extended rally in October, leading to more price gains for Cardano. Cardano Records First Green September Cryptorank data shows that Cardano has recorded its first green September since it launched in 2017. This raises the possibility of the crypto enjoying an extended rally since it presents a bullish outlook for ADA. Crypto analyst Plutus also suggested that Cardano could replicate Bitcoin’s monthly returns following its first green September. Related Reading: Major Catalyst That Could Drive Bitcoin To New ATH In Q4 Emerges He added that the crypto can accomplish these positive monthly returns in the coming months with looser monetary policy starting to take place. Cardano imitating Bitcoin’s historical monthly returns in the last quarter of this year will be huge for the coin, considering that this is when the flagship crypto records its most profitable returns. Specifically, October is historically one of the best months for Bitcoin, as the crypto has only recorded two negative monthly returns since 2013. Most of its gains have also been double-digits. Therefore, October could be huge for Cardano if it replicates BTC’s monthly returns. Meanwhile, although October has historically not been a good month for Cardano, this time is much different, with these monetary easing policies presenting a bullish outlook for the crypto market. The US Fed rate cuts and China’s stimulus package were among the factors that contributed to ADA enjoying a monthly green candle in September. As such, the crypto could enjoy an extended rally as these monetary easing policies continue to roll out. It is also worth mentioning that Q4 of 2023 was very bullish for Cardano as it recorded double-digit gains in October, November, and December. Similar price gains this fourth quarter will see ADA reclaim $1 and record a new yearly high in the process. This will provide a much-needed boost for the coin, considering it boasts a year-to-date (YTD) loss of almost 40%. Other Factors That Support An Extended Rally From a technical perspective, Plutus noted 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 flipped bullish back in February, is still green, suggesting that more impulsive moves to the upside are on the horizon for Cardano. Related Reading: Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle Cardano’s fundamentals are also bullish. The testnet for its privacy protocol Midnight Network just recently went live. This privacy solution will help developers build decentralized applications that ensure that users’ data are well protected, a move that could attract more users to the network. The network is already one of the most decentralized, transitioning to the Voltaire era, which focuses on community-driven governance. At the time of writing, Cardano is trading at around $0.35, down over 6% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
NewsBTC
You can visit the page to read the article.
Source: NewsBTC
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
OpenAI hits $150 billion valuation after securing over $6.5 billion in new funding round
OpenAI`s massive valuation surge highlights the growing investor confidence in generative AI, but raises concerns about its mission alignment amid structural changes. The post OpenAI hits $150 billion valuation after securing over $6.5 billion in new funding round appeared first on Crypto Briefing . NewsBTC
Proton labels Swan Bitcoin Lawsuit as ‘fatally flawed,’ seeks dismissal
Proton’s legal team argued that the lawsuit should be thrown out due to its lack of solid legal grounds. NewsBTC