Cardano The expected rise in price in November looks promising when compared to past price data. According to CryptoRank data, this month’s accumulated growth rate is currently set at 9.05%. This growth has the potential to put an end to ADA’s price declines in November.
The months of November have shown complex growth patterns for Cardano. For example, in November 2017, the price defied the market with a massive increase of 311.6%. This growth occurred due to the impact of the protocol launch at that time.
However, in November 2018 and 2019, Cardano did not show a very positive performance, losing 44.1% and 2.39% respectively. November 2020 was the beginning of a positive trend with an increase of 84%. However, there were decreases of 20.7% and 21% in 2021 and 2022, respectively.
Therefore, Cardano’s growth expectation of 43.5% in November can be considered a very positive indicator compared to its past performance. However, investment decisions should be made carefully considering the volatile nature of crypto markets.
According to past history, Cardano seems to have chances for uptrend for this month and based on current data, this asset seems to be on track to follow this uptrend. Koinfinans.com As we reported, CryptoRank data indicates an average price increase of 43.5% in November. The price of native token ADA increased by 2.48% in the last 24 hours to $0.3171, bringing its November gain to 7.77%. Although the amount of growth in November 2020 was less than half of the growth in 2017, a 40% growth forecast by the end of this month seems reasonable.
Also noteworthy are metrics that point to a potential rally for Cardano. The number of ADA whale addresses and daily active addresses have reached their highest levels in the last 2 weeks. The continued increase in these metrics indicates increasing demand for ADA and could support price growth going forward.
It is also known that Cardano has solid foundations to support this growth. It has begun serving its community with innovative product launches, such as the mainnet launch of Lace Wallet earlier this year. Additionally, its parent company, Input Output Global, is making plans for a new stablecoin initiative and we can expect innovations in this space soon.