Cardano Surges Toward $0.20 on Protocol Upgrade Bets

Cardano's price has risen to $0.195, nearing its target of $0.20 following recent protocol upgrades that have boosted momentum in the crypto market.

The altcoin outperformed Bitcoin and Ethereum last week, gaining over 4% on August 4 while the broader cryptocurrency market cap saw a minor uptick.

Despite the strong rally, Cardano's price saw a mild pullback after reaching its highest level since July 4, with volume falling by 12.9% as traders took profits at a key Fibonacci resistance level of $0.196.

Technical analysts view this move as a healthy consolidation and not a trend reversal, with a daily close above $0.196 signaling breakout momentum.

The successful activation of the Van Rossem hard fork last month, which upgraded the network to Protocol Version 11, has improved smart contract execution costs and ledger consistency.