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.
Cardano (ADA) enjoyed a price gain of almost 8% in September, marking the first time the coin has closed the month in the green since launching in 2017. This could indicate an extended rally for ADA in October, leading to further price gains for the crypto.
According to data from Cryptorank, Cardano has recorded its first-ever green September since it launched in 2017. This presents a bullish outlook for ADA, suggesting that the crypto could be enjoying an extended rally. Crypto analyst Plutus went on to suggest that Cardano might even replicate Bitcoin’s monthly returns following its first green September.
He added that the crypto could accomplish these positive monthly returns in the coming months as a looser monetary policy starts 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 presenting a huge opportunity for Cardano if it manages to replicate BTC’s monthly returns.
Meanwhile, October has not historically been a good month for Cardano, but 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 important to note 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%.
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.
Cardano’s fundamentals are also presenting a bullish outlook. 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.