Cardano Price Corrects After Reaching $0.8650 Resistance Level

Cardano (ADA) price has seen a recent increase above the $0.750 level but is now correcting from a high of $0.8650, testing support at $0.7750.

ADA increased above $0.750 and $0.7750.
Current trading is below $0.80 and the 100-hourly SMA.
A break occurred below a bullish trend line with support at $0.820.
Clearing the $0.80 resistance could lead to further increases.

Current Price Action

Cardano reached a high of $0.8634 before correcting. The price has dipped below $0.80 and is consolidating near the 23.6% Fib retracement level from the recent decline.

Resistance levels are identified at:

$0.8000
$0.8180
$0.8450

Closing above $0.8450 may trigger a move towards $0.880 or higher levels.

Potential Downside Risks

If ADA fails to rise above $0.80, it may decline further. Key support levels include:

$0.7750
$0.7400
$0.7050
$0.6800

Technical indicators show a weakening bullish momentum in the MACD and an RSI below 50.