For the first time since 2017’s debut Cardano (ADA) recorded a positive September with a 7.9% gain in price. This achievement boosts optimism for an anticipated ongoing rally in October and implies additional price increases for the digital currency.
The performance of Cardano is seeing a major transformation highlighted by Cryptorank data with the coin facing challenges historically in September. Plutus reports that Cardano might follow Bitcoin’s monthly profits in September if it sees good returns for the first time in over a decade.
Cardano Seeks October Gains
Before 2013 October brought Positive outcomes for Bitcoin with just two months showing losses and many substantial gains. Should Cardano adopt this behavior this month it could witness massive growth.
Though October often does not result in significant increases for Cardano historically current financial developments along with U.S. Federal Reserve interest cutbacks and China’s stimulus bill could foster a more bullish outlook for the crypto sector. Reducing monetary constraints probably energized Cardano’s performance in September while enhancing forecasts for continued improve
Historically speaking Q4 holds a positive sentiment for ADA resulting in significant increases in October through December. Should this pattern repeat itself ADA could regain the $1 threshold which would significantly aid those who have lost around 40% this year.
From an analytical view Plutus reveals that the monthly candle is green on the Heikin Ashi chart signifying a possible trend reversal. After becoming bullish in February the Weekly Gaussian channel stays green suggesting ADA potential for further ascent.
Midnight Network’s testnet was recently introduced to increase the security of data for decentralized apps and potentially inspire more users to join the platform. In the Voltaire era of ADA that highlights community governance; the network gains strength in the crypto space.
As noted recently by CoinMarketCap ADA has a market value around $0.35 while recording a more than 6% fall in the previous 24 hours.
