Solana and Cardano: Cardano remains below the 0.400 level

Solana chart analysis

The price of Solana is retreating from last week’s high at the 68.18 level. Over the weekend, we saw a recovery to the 62.00 level. There, we encounter a new resistance and form a lower high. After that, we start a new pullback and fall to the $55.00 support level. We stopped here and recovered to the 57.00 level.

In this zone, we encounter potential resistance in the EMA50 moving average, and we need a break above to continue to the bullish side. Potential higher targets are 58.00 and 59.00 levels. We need a negative consolidation and a drop below the support at the 55.00 level for a bearish option. This would lead to the formation of a new low, and thus, we would get confirmation of the bearish option. Potential lower targets are 54.00 and 53.00 levels.

Cardano chart analysis

Yesterday, we saw the Cardano price rise to the 0.400 level. The jump stopped there, a bearish consolidation followed, and the price fell to the 0.380 support level. We managed to get support at that level and initiate a recovery to the 0.390 level. This is our resistance today, and we need a break above if we want to see a continuation of the recovery to the bullish side. Potential higher targets are 0.395 and 0.400 levels.

We need a negative consolidation and a drop below the 0.380 support level for a bearish option. This leads to the formation of a new weekly low and confirms the bearish dominance. Potential lower targets are 0.375 and 0.370 levels. Additional support for the price of Cardano could be found in the EMA50 moving average in the zone around the 0.375 level.

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