Cardano (ADA) marked its first positive September in six years, enjoying a price gain of nearly 8%. This development is significant as it could lead to an extended rally in October and further price gains for Cardano.
Historically, September has been a challenging month for Cardano. However, this year has been different, with bullish trends possibly extending into the upcoming months. Crypto analyst Plutus suggested the possibility of Cardano imitating Bitcoin's historical monthly returns, especially with favorable monetary policies taking effect.
October has been a standout month for Bitcoin, often delivering significant returns, and Plutus believes Cardano could see similar gains. Factors like the US Fed rate cuts and China's stimulus package have helped ADA achieve a green September, reinforcing the likelihood of continued growth.
Additional factors supporting Cardano's rally include technical indicators and bullish fundamentals. A green Heikin Ashi monthly candle indicates a bullish trend, and the Weekly Gaussian channel, which flipped bullish in February, suggests more upward movements are likely. Furthermore, the recent launch of the testnet for Cardano's privacy protocol, Midnight Network, enhances the network's appeal.
Although Cardano is currently trading at around $0.35, down over 6% in the last 24 hours, the overall outlook remains positive due to strong fundamentals and historical trends.
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