Cardano [ADA] has been one of the strongest performers among large-cap altcoins over the past week. In fact, it rallied by 18.26% over the said time period.
The altcoin’s price was just below the $0.20 psychological barrier when the week started. It rose by nearly 10% on Sunday, 2nd August, as the network shifted its focus from the completed van Rossem upgrade to the Dijkstra era.
It refers to the next major development phase for Cardano. Confirmation that planning has begun for this next stage has likely spurred Cardano’s most recent bullish price reaction.
Since 29th July, the Open Interest behind Cardano has grown by 40%, from $369 million to $519 million. The falling number of ADA holders juxtaposed with speculative interest. At press time, there was also evidence of big whale orders despite the shrinking wallet activity.
Reclaiming $0.18 can be highlighted as a short-term signal of bullish dominance. Now that this has come to pass, targets above $0.20 can be looked at. Can Cardano’s price reach these bullish targets?
A bullish projection for Cardano for 2026
The relevant swing highs and swing lows were plotted in orange and green on the 1-day timeframe above. Based on these points, a bearish structure has unfolded for most of 2026 so far.
It changed in early July though. The high at $0.19 was breached. A daily session close above this high flipped the swing structure bullishly. Even more encouragingly, a subsequent retracement towards the 78.6% Fibonacci retracement level at $0.15 yielded a bullish reaction.
Since then, Cardano’s price has gained nearly 30% in just ten days. The MACD flashed signs of firm upward momenutm, and the CMF was at +0.05 to signal sizeable capital inflows to the ADA markets.
Finally, while the A/D indicator was making higher lows over the past six weeks, it has not moved as dramatically as the other two indicators have.
Cardano’s price forecast for August
In the short-term, the momentum might just favor the buyers. So long as the $0.18-$0.19 demand zone (cyan box) is defended, this lower timeframe bias would remain bullish.
Overhead, the $0.230-$0.255 area remains a sizeable supply zone and a stern obstacle to the buyers. It is possible that the battle to reclaim this bearish zone could be lengthy and see an extended sideways price action before a breakout.
Such a bullish move would depend on Bitcoin [BTC] managing to climb above the $67.3K-resistance level too.
Final Summary
- A bullish swing structure break took place in early July, with the Dijkstra planning news only catalyzing a bullish price reaction.
- Cardano could challenge the $0.23-$0.25 overhead supply zone next.
