Cardano (ADA) has recorded its first positive September since its 2017 launch. The curse is broken and ADA gained nearly 8% last month.
This marks a significant shift for ADA, potentially signaling an extended rally in October.
Data from Cryptorank confirms this unprecedented September performance. Crypto analyst Plutus suggests ADA could mirror Bitcoin's monthly returns. "Looser monetary policy is starting to take effect," Plutus noted. This could drive positive returns in coming months.
Bitcoin historically thrives in the fourth quarter. October has been particularly strong, with only two negative months since 2013. In a stark contrast, ADA's past Octobers have been weak, but current monetary easing policies may change this pattern. The US Federal Reserve's rate cuts and China's stimulus package contributed to ADA's September gains and could fuel further growth.
Cardano posted double-digit gains in Q4 2023. Similar performance this year could push ADA above $1, setting a new yearly high.
From a technical standpoint, Plutus highlighted bullish indicators. The current Heikin Ashi monthly candle is green, suggesting a directional change. Cardano's fundamentals also appear strong. Its privacy protocol, Midnight Network, recently launched on testnet, aiming to protect user data in decentralized applications. It could attract more users to the Cardano network.
Cardano is transitioning to its Voltaire era, focusing on community-driven governance. This move reinforces its position as one of the most decentralized networks.
Despite these positive signals, ADA still faces challenges. The asset currently shows a year-to-date loss of nearly 40%. Investors will be watching closely to see if Cardano's September momentum carries into a strong fourth quarter performance.