In August 2023, Cardano (ADA) shows positive trends in price changes within the market.
Current Price Dynamics of ADA
Cardano started August at a price of **$0.6842** and has steadily increased since then. In the first week, ADA has gained nearly 19% and is now trading around **$0.8141**. The rally gained momentum after breaking through the **$0.75** barrier, which had capped upward movements in late July. The chart indicates a pattern of higher lows, suggesting buyers are in control. The immediate support level to watch is **$0.77**. If this level holds, bulls will maintain a strong position. Below that, **$0.68** is the major line of defense for August. On the upside, **$0.84** is the next significant hurdle.
Trading Volume and Open Interest
Since August 6, trading volume has been steadily increasing, confirming that the ongoing rally is not just a weak bounce. The rise in trading volume indicates that more traders are entering the market and that buying interest is genuine. Open interest has also risen, currently around **$294 million**, indicating fresh capital entering the market. This trend in open interest aligns with the price trend, reinforcing the bullish case.
Price Forecast for ADA in August
If ADA can hold above **$0.77** and break through **$0.84** with strong momentum, a run toward **$0.90–$0.95** seems likely before the end of August. If Bitcoin remains stable and overall market sentiment improves, testing the **$1.00** mark is not off the table. Conversely, if ADA loses the **$0.77** level, the price could retreat towards **$0.72**, bringing **$0.68** back into focus.
The price dynamics of Cardano in August show positive signals, but monitoring key support and resistance levels will be essential.
