The cryptocurrency market seems to be consolidating after a brief correction late last month. Cardano (ADA) seems to be following the market-wode trend. According to CoinGecko statistics, 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. In this price prediction article, let’s discuss is Cardano (ADA) can reclaim the $1 mark if the Federal Reserve cuts interest rates in September.

Cardano Price Prediction: Will It Hit $1?

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. Low ETF inflows may have also led to a market down turn.

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%.

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. If the Federal Reserve decides to keep interest rates unchanged, the asset may face another correction.

Also Read: Trillions of Dollars Could Flow Into Bitcoin, Ethereum, Cardano, SHIB

September has historically been a bearish month for the crypto market. Investors may take a cautios approach with their crypto investments. A rate cut may offset any potential market dips. Cardano (ADA) may consolidate around current levels if investor sentiment remains precautionary. Macroeconomic factors will likely play a major role in Cardano’s (ADA) price movements.