CARDANO (ADA) has been generating quite a bit of attention due to three key factors that could drive its price higher in the coming weeks.
First, a bullish divergence has been observed on the ADA-Bitcoin chart, a technical indicator that suggests that although the price has been falling, positive momentum is increasing. This type of pattern already drove a significant rally in 2020, which has generated optimism among analysts about a potential rebound.
Second, the US Federal Reserve’s upcoming interest rate cut, scheduled for September 18, 2024, could favor higher-risk assets like Cardano. In the past, rate cuts have led to an increase in demand for cryptocurrencies.
Lastly, the launch of Snake.Fun, a new decentralized application (dApp) on the Cardano network, has generated great excitement in the community. This dApp, similar to others on Solana, could attract new users and increase activity on the network, which has historically coincided with price increases.
These three factors combined have many analysts anticipating a possible 20% rise in the value of ADA in the coming weeks.
