Cardano (ADA) Begins Recovery Above $0.780 with Potential for Further Gains

Cardano (ADA) is experiencing a recovery from the $0.780 support zone and aims to surpass the $0.840 resistance.

ADA price has begun an upward trend after finding support at $0.780.
Current trading levels are above $0.8120 and the 100-hourly simple moving average.
A break occurred above a short-term contracting triangle, with resistance at $0.8250 on the hourly chart.
Further gains may occur if ADA clears the $0.840 resistance level.

Price Action Overview

Cardano's recovery mirrors movements seen in other cryptocurrencies. Key technical points include:

Resistance levels breached at $0.80 and $0.8250.
The price has reached close to $0.840, forming a high at $0.8395.
Consolidation is taking place above the 23.6% Fib retracement level from the low of $0.7822 to high of $0.8395.
Immediate resistance expected near $0.860 and potential rally to $0.980, if the price closes above $0.90.

If ADA fails to exceed $0.840, it may face a downturn:

Immediate support at $0.8250.
Next major support at $0.8180, coinciding with the 50% Fib retracement level.
A drop below $0.8180 could test the $0.780 level, with further support around $0.750.

Technical Indicators show bullish momentum:

Major support levels are at $0.8180 and $0.780. Major resistance levels are at $0.840 and $0.900.