Cardano (ADA) bulls are leaving nothing to chance as they capitalize on the generally bullish outlook witnessed since early October. Its latest breakout above $0.3 meant that the path with the least resistance was to the upside. If ADA holds above this level, it could sustain the uptrend over the next few weeks.
ADA Price Expectations for November
Historical data from CryptoRank provides a nuanced perspective. When considering the price history, the Cardano token displayed an impressive average monthly return of 43.5% in November. Nevertheless, a more cautious interpretation, the median monthly return, suggests a decline of -2.5%.
A closer examination of ADA’s historical performance reveals a range of outcomes. Looking back over the past five years, only one November, three years ago, concluded with a notable positive result, marking an 84% gain. Given this historical context, ADA holders are confronted with two potential scenarios for November: a robust surge of 43.5%, leading to a value of $0.41 per token, or a dip to $0.279 per ADA.
Data sourced from IntoTheBlock suggests a growing confidence among ADA holders. Over the past few months, long-term confidence in ADA’s price has notably increased, with the number of addresses holding ADA for extended periods reaching a remarkable 2.7 million. Interestingly, there has been a noticeable decrease in the count of addresses holding ADA for less than a year, indicating a significant shift in the ‘hodling’ mentality among investors.
Key Cardano Developments
In a recent statement, Charles Hoskinson, the co-founder of Ethereum and the founder of Cardano, addressed concerns within the Cardano community. Hoskinson emphasized that IOG (Input Output Global), the organization behind Cardano’s development, is dedicated to building and expanding the Cardano ecosystem and bringing new users and experiences to the platform.
Hoskinson acknowledged the significant contributions of various projects and individuals to the ecosystem, highlighting Nami, Midnight, and others. He stressed that IOG, like any DApp (decentralized application) company on Cardano, offers products and services to onboard millions of users to the platform.
Hoskinson emphasized the organization’s transparency in sharing its plans and projects with the community. He also mentioned CIP 1694, which aims to enhance Cardano’s ecosystem. He clarified that IOG aims to create the best wallet in the entire cryptocurrency space and introduce Bitcoin and Ethereum users to Cardano over time.
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