Cardano ADA has seen its price consolidate in the last few weeks in stride with the rest of the cryptocurrency market. However, recent price chart data indicates a promising pattern that could spark a rally in due time. ADA’s price has risen 0.9% in the last 24 hours and 12.7% over the previous month. However, the asset is down 4.6% in the weekly charts and 2.8% in the 14-day charts. Is there budding momentum underneath the surface, and if so, is now the time to swoop in on ADA in this consolidation phase?

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.

Cardano (ADA) last traded above the $1 mark on Aug. 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.

Also Read: Cardano ADA to $3? How September Rate Cut Could Trigger Surge

September has historically been a bearish month for the crypto market. Investors may take a cautious approach with their crypto investments. Fortunately, there is a high chance that the Federal Reserve will cut interest rates by 25 basis points in September. A rate cut will highly increase Cardano’s (ADA) chances of breaching the $1 mark and follow along with Ali Charts’ pattern. Although September has historically been a bearish month for ADA and other crypto assets, this time around, certain factors could send it higher.

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%.