Cardano's price has experienced a significant rebound, surging by an impressive 18% in the past 24 hours. This resurgence comes on the heels of a noticeable correction, affirming the bullish trend that ADA has been shaping.

Following a period of struggle, the altcoin's resurgence has injected optimism into the market, hinting at a sustained positive price performance. Investors in the Cardano community have been grappling with losses as ADA's value underwent a downward trajectory. However, recent movements revealing gains suggest a shift in market sentiment is underway.

As Cardano's price surpassed recent lows, there has been a surge in profitable transactions, indicating a recovery from previous setbacks. The uptick in transaction volume, with profits outweighing losses, points towards the establishment of a solid support level for the altcoin, paving the way for potential price appreciation.

Moreover, Cardano's macro momentum is showing signs of improvement as the funding rate, previously oscillating, now signals a resurgence in trader optimism. This positive shift in sentiment can further strengthen with sustained positive funding rates, potentially propelling ADA towards continued upward momentum in the short term.

In terms of price prediction, Cardano has seen a remarkable 18% surge, currently trading at $0.80 after breaking past the $0.77 resistance level. The next target is to solidify $0.85 as a supportive level, a milestone that could attract more investors and uphold the bullish trend.

Maintaining $0.77 as a strong support is crucial for Cardano's bullish trajectory. A successful breach of the $0.85 resistance could propel ADA towards $0.99 or even $1.00, setting the stage for a sustained uptrend.

However, failure to surpass the $0.85 mark may lead to a retreat back to $0.77 or even $0.70, jeopardizing the current positive outlook and potentially inviting selling pressure. It's a crucial juncture for Cardano as it navigates towards securing its position in the cryptocurrency market.