Cardano Price Declines Below $0.80, Eyes Recovery Above $0.780

Cardano (ADA) is experiencing a decline below $0.80, with efforts for recovery noted.

ADA price fell below $0.80 and $0.780.
Currently trading above $0.750 and the 100-hourly simple moving average.
A bearish trend line was breached at $0.750 on the ADA/USD hourly chart.
A potential increase could occur if it surpasses the $0.7840 resistance zone.

Current Performance

ADA recently declined to a low of $0.7287 before bulls entered. The price has rebounded above $0.750, breaking the 23.6% Fibonacci retracement level from a recent high of $0.8380.

Resistance levels are currently identified at:

$0.7680
$0.7840 (50% Fib retracement)
$0.80

A close above $0.80 could lead to further gains toward $0.820 or even $0.8350.

Potential Downside Risks

If ADA fails to break above $0.7680, it may decline further. Key support levels are at:

$0.750
$0.740
$0.7260 (if $0.740 breaks)
$0.70 (potential bullish support)

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