Cardano (ADA) was hit hardest on the daily charts of the top 100 projects by market capitalization. According to ADA data from Coingecko, the asset fell 8.6% on the daily chart, and 4% from the previous month. Despite the revision, the ADA has maintained profits in other time frames, with 0.3% on the weekly chart, 17.1% on the 14-day chart, and 147.6% since August 2024.
Is Cardano price heading towards $1.3?
According to Corcodex’s Cardano price forecasting tool, the asset is expected to gather over the next few months. Cincodex expects the ADA to reach $1.36 on November 5th this year. If you hit $1.36 from your current price level, you’ll need a meeting of nearly 62%.
The latest price dip for ADA comes as Bitcoin (BTC) has fallen to a level of $113,000. BTC is a market leader, and other assets tend to follow their trajectory. The price drop for BTC began after a higher-than-planned producer price index figure. The dip continued as investors look to the future Jackson Hole Conference of the Federal Reserve. The conference will provide clues as to how the Federal Reserve aims to shape its monetary policy.
It could have been a hit considering Cardano’s prices are also approaching September. September has historically been a bearish month for the crypto market. Cardano (ADA) could face further price drops if they follow another bearish September pattern. However, there is a high possibility that the Federal Reserve will cut interest rates in September. Rate reductions could give some cushion to possible price drops. Cardano (ADA) and the larger crypto market could gain momentum as the Federal Reserve reduces interest rates and makes borrowing easier. We have not yet seen how the market will move over the next few weeks.