Cardano (ADA) has taken the hardest hit in the daily charts among the top 100 projects by market cap. According to CoinGecko’s ADA data, the asset is down 8.6% in the daily charts and 4% over the previous month. Despite the correction, ADA has maintained gains in the other time frames, rallying 0.3% in the weekly charts, 17.1% in the 14-day charts, and 147.6% since August 2024. In this price prediction article, let’s look at how Cardano’s price may move over the coming weeks.
Is Cardano’s Price Moving Towards $1.3?
According to CoinCodex’s price prediction tool for Cardano, the asset is expected to rally over the coming months. CoinCodex anticipates ADA to hit $1.36 on Nov. 5 of this year. Hitting $1.36 from current price levels will entail a rally of nearly 62%.
ADA’s latest price dip is likely due to Bitcoin (BTC) falling to the $113,000 level. BTC is the market leader, and other assets tend to follow its trajectory. BTC’s price drop started after a higher-than-anticipated producer price index figure. The dip continued as investors are looking towards the Federal Reserve’s upcoming Jackson Hole meeting. The meeting will likely give clues on how the Federal Reserve aims to shape its monetary policy.
Also Read: Cardano Hits Record Holders: 3 Reasons a Breakout May Be Near
Cardano’s price may have also taken a hit, given that we are approaching September. September has historically been a bearish month for the crypto market. Cardano (ADA) may face further price dips if we follow another bearish September pattern. However, there is a high chance that the Federal Reserve will cut interest rates in September. A rate cut could give some cushioning to any possible price declines. Cardano (ADA) and the larger crypto market could gain momentum if the Federal Reserve slashes interest rates and makes borrowing easier. How the market moves over the coming weeks is yet to be seen.
