Cardano Completes First Green September Close In 6 Years, What’s The Significance?
02 Outubro 2024 - 11:30AM
NEWSBTC
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
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