Cardano has had a strong start to August. The price found its footing at $0.6842 on the first day of the month and has been climbing steadily ever since. In just over a week, ADA has gained almost 19%, now trading near $0.8141. This rally picked up pace once the price pushed through the $0.75 barrier, a level that had capped upside moves in late July. Since then, buyers have been in control, with the chart showing a steady pattern of higher lows.
The immediate area to watch on the downside is $0.77. This zone, which ADA broke through earlier in the week, now acts as short-term support. If that level holds, bulls will remain in a strong position. Below that, $0.68 stands out as the major line of defense for August. On the upside, $0.84 is the next big hurdle. This is where ADA was rejected in late July, and a clean break above could open the door to $0.90 or even the $1.00 mark.
What you'll learn 👉
Volume and Open Interest Show Growing Interest
Trading volume has been steadily increasing since August 6. This rise in volume confirms that the rally isn’t just a weak bounce – more traders are stepping in, and the buying looks genuine. That’s an important sign because rallies without volume often fade quickly.
Open interest has also been rising, now sitting around $294 million. This means more positions are being opened, showing fresh money is entering the market. The growing open interest matches the price trend, which strengthens the bullish case.
Read also: Cardano Launches Midnight Airdrop Portal for ADA and XRP Users
Net Long and Short Positions
When looking at trader positioning, net long positions are still negative at around -$721 million, but the gap between longs and shorts is narrowing. Shorts are holding steady at around $731 million, but they aren’t adding aggressively to their bets. This setup hints at possible short covering, which can add fuel to the rally if the price keeps pushing higher.
ADA Price Prediction for August
If the ADA price can hold above $0.77 and break through $0.84 with strong momentum, a run toward $0.90–$0.95 looks likely before the end of August. If Bitcoin stays stable and the broader market sentiment improves, even a test of $1.00 isn’t off the table. On the other hand, if ADA loses the $0.77 level, the price could slip back toward $0.72, and a drop below that would put $0.68 back in focus.
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