Cardano Ada Cryptocurrency rose 5% last month, surpassing the approximately $0.83 mark for most of August. Looking for a catalyst to climb, analysts point to potential Fed interest rate cuts this September. The stock and crypto markets were slightly boosted when the Federal Reserve last cut the rates. As a result, Ada Bulls hopes that rate cuts at the next Fed meeting could stabilize the ADA by more than $1.
Even ETH, BTC and even BNB coins hit new Ass in August, but Cardano could be set to follow that path in the coming months. Currently, $1.3 serves as the top resistance for AltCoin to target its next target. For every CryptoTarget11 per X Analyst, Cardano sent Ada Surging following a similar pattern that was done in 2020. If the assets follow the pattern again and begin after a potential September interest rate cut, the coin can rocket to $3.
Ada Price Target approaches As Level
The ADA’s daily chart shows AltCoin’s strong support area at $0.74. There is a confluence between the 200-day index moving average (EMA) and the ADA’s main trendline support in its price range. So, when the token moves to this area, the holders can first explode Cardano over $1 and then $3 for a potential 314% profit. This scenario is achievable as the ADA approaches a record high of $310 from September 2021.
Additionally, the ADA has long been a truly decentralized attitude, forcing investors to take notes at a deeper level of the ADA. Ada founder Charles Hoskinson also praised the chain, adding how Cardano mounted the chain’s “future”; The bill added more fuel to the fire under the ADA cryptocurrency.
CONCODEX ADA data suggests that Cardano will sit at $0.92 by August 31, 2025. According to CoinMarketCap, 89% of Crypto users are bullish on their assets, with a dollar per dollar appearing to be a reasonable target for September.