Cardano (ADA) started September with a drop in prices following an impressive August, but analysts are predicting positive trends. We will look at key levels and factors affecting the cryptocurrency's dynamics.
Overview of Current Market Situation
In August, Cardano (ADA) was the third-best performing altcoin, but the start of September has been marked by sharp price fluctuations. Despite this, analysts maintain an optimistic outlook for ADA in September.
Forecast by Analyst Ali_Charts
Analyst Ali_Charts published a technical analysis highlighting an ascending channel on a 4-hour chart. He noted that for a bullish trend to be confirmed, ADA needs to break the $0.88 level. "Cardano must break $0.88 to confirm a rally toward $1.20!" stated the analyst.
Fundamental Support Factors
The recent ETF filing by Grayscale could have a positive impact on ADA prices. If approved by the SEC, this fund could lead to significant inflows, increasing potential for growth for both Cardano and Polkadot.
Despite recent losses, analysts remain optimistic about Cardano's prospects. Breaking key support levels and positive fundamental factors could lead to price growth in the coming weeks.
