Judging by the historical price data of Cardano (ADA), expectations abound that the coin may welcome a 43.5% growth in November.
CryptoRank data already pegs the accumulated growth rate this month at 9.05%. This growth ends a period of 2 successive yearly drops in Cardano’s price falls for November.
Cardano’s Bullish Prospects
According to CryptoRank data, November has always showcased mixed growth patterns. In November 2017, the asset recorded a massive 311.6% growth. This appreciation at the time drew on massive hype that trailed the launch of the protocol.
After the performance in November 2017, ADA nosedived 44.1% in November 2018 and by 2.39% in November 2019. Cardano reversed the trend the next year as its price in November 2020 jumped 84%. However, the bearish trend continued in 2021 and 2022 with 20.7% and 21% slumps respectively.
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Following this historical order, Cardano has one natural course for this month and by the current outlook, the asset appears to be on track to follow this bullish trajectory. CryptoRank’s data puts an average price jump of 43.5% in November.
With ADA’s price pegged at $0.3171, up 2.48% overnight, it has extended its gains this November to 7.77%. With the November 2020 growth less than half of that recorded in 2017, a projection of a 40% growth by the end of this month seems logical.
Cardano metrics are pointing towards a potential rally, as reported earlier by The Crypto Basic. The Cardano whale address count and daily active addresses have soared to their highest level in the past 2 weeks. A sustained trend in these metrics will showcase growing demand for ADA and might boost price growth moving forward.
Cardano Fundamentals to Bolster Growth
Cardano started this year on a bullish note with innovative product launches to serve its community. With Mithril going live on the mainnet earlier in the year alongside the Cardano Lace Wallet, ADA has solid fundamentals to hinge its growth on.
Input Output Global, Cardano’s parent company has teased plans for a new stablecoin venture. For this, the startup has appointed Sean Ford and David Markley as CEO and COO with innovations expected from the team soon.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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