Many crypto market voices are calling out for a Federal Reserve interest rate cut this September, which could send altcoins surging. Cardano ADA could be one of those coins, with analysts eyeing as much as a 30% rally in price. Technical analysis points to an eventual Cardano price rebound as it formed highly bullish chart patterns. Thus, could a rate cut in the next two weeks provide that spark?
According to popular crypto analyst Ali Charts, Cardano (ADA) is showing a possible change in direction based on the TD Sequential indicator. A “9” buy signal appeared on the daily chart, a setup often seen when downward pressure starts to ease. “Cardano ADA is a buy, according to the TD Sequential indicator,” Ali Charts writes. Currently, ADA is testing resistance between $0.83 and $0.86, and could breakout to levels above $1 if it withstands above $0.86.
At the same time, Charles Hoskinson, the founder of Cardano, also thinks the market is on the precipice of a gigachad bull run following a rate cut. This development can add more fuel to ADA, helping it attract new momentum and traction. He implied in a recent interview that the Fed is going to cut interest rates, “and then we’re going to get the CLARITY Act, and then we’re going to have the gigachad bull run.”
Also Read: Cardano Price Prediction: Why Experts Believe ADA Could Hit $5 Soon
Cardano (ADA) last traded above the $1 mark on August 14. The asset has faced quite a correction since its August high. The dip could be due to the general market bearishness. Investors may have begun booking profits after Bitcoin (BTC) climbed to an all-time high of $124,128 in August. Additionally, low crypto ETF inflows may have also led to the market downturn.
According to CoinCodex’s price prediction analysis for Cardano (ADA), the asset will experience a surge over the coming weeks. The platform anticipates ADA to trade at $1.07 on Sept. 30. Hitting $1.07 from current price levels will entail a rally of about 30.49%.