& Nbsp & Nbsp
Cardano (ADA) emerged as the third best performing Altcoin in August, but kicked off the new month in a massacre. Despite the red action, the prospects for ADA for September is mainly positive, and an important player predicts a price increase above the price of $ 1.
In an X post, Ali_Charts, an analyst who is known for his Bullish Altcoin pricing, has again set the possibilities for the 10th most appreciated Crypto activa from Market Cap.
The market player shared a technical graph that was made on 31 August, with a 4-hour candlestick card data in which the analyst emphasized an increasing channel pattern. While the parallel trend lines define a bullish trend, the lower line acts as support where buying interest has emerged historically.
According to the statement of the analysts, breaking above $ 0.88 is considered critical to confirm a rally to $ 1.20. If $ Ada holds above the support of the lower channel and $ 0.88 breaks with a strong volume, it supports a bullish outlook to $ 1.20. However, a breakdown under the support can be invalid, so that the price may float to the lower levels.
Although technical analytical predictions for September still have to roll in, fundamental factors seem to validate an even more bullish expectation. More specifically, it is expected that the latest ETF entering the leading institutional player Grayscale Ada will take a new high.
& NbspIn particular, Grayscale has submitted an ETF to the US Securities and Exchange Commission (SEC) for Nieuwe Cardano (ADA) and Polkadot (DOT) -Beurs -treated funds.
If the proposal is approved, both tokens can experience considerable inflow, which may increase the prices of DOT and ADA in the long term.
During the report, Ada is traded for $ 0.82, with a profit of the last 24 hours of 0.88%. However, losses of the previous 7 days have risen after 4%, which indicated a mild decrease in the purchasing pressure.
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