Connect with us

Hi, what are you looking for?

Economy

Solana stops at the 65.00 level and Cardano at 0.415 

Solana stops at the 65.00 level and Cardano at 0.415

The price of Solana tried twice to hold above the 65.00 level, and both times, it ended without success. Yesterday, we saw the Cardano price jump to the 0.415 level, forming a six-month high there.

Solana chart analysis

The price of Solana tried twice to hold above the 65.00 level, and both times, it ended without success. A double top pattern was formed, and after that, we started to pull back as expected. The bearish consolidation that continues today brings us down to the 60.00 level. Additional pressure also creates a drop below the EMA50 moving average, thus reinforcing the bearish scenario.

We now expect to see a continuation of the pullback and the firming of this week’s new low. Potential lower targets are 59.00 and 58.00 levels. We need a positive consolidation, a move above 62.00, and the EMA50 moving average for a bullish option. After that, we will be in a good position to start further recovery. Potential higher targets are 63.00 and 64.00 levels.

Cardano chart analysis

Yesterday, we saw the Cardano price jump to the 0.415 level, forming a six-month high there. After that, the price starts a bearish consolidation up to the 0.395 support level. We got support at that level, recovered to the 0.412 level, and made a new bearish consolidation that brought us back to the initial position. New pressure would lead to a breakout below, which would lead to the formation of a new low. Potential lower targets are 0.390 and 0.385 levels.

Additional support for the Cardano price is the EMA50 moving average in the zone around the 0.390 level. For a bullish option, we need a positive consolidation and a move first to the 0.405 level. Then, we would have to stay up there to wait for a new bullish impulse and start the continuation of the recovery. Potential higher targets are 0.410 and 0.415 levels.

The post Solana stops at the 65.00 level and Cardano at 0.415 appeared first on FinanceBrokerage.

You May Also Like

Economy

BlockSpan ICO: Accelerating NFT Innovation with Confidence The BlockSpan ICO aims to revolutionize the NFT space. To achieve that goal, it will provide an...

Investing

ZIM Integrated (NYSE: ZIM) stock price has crashed hard after the company canceled its dividend as the shipping industry recoils. The shares plunged to...

Stock

On this week’s edition of Stock Talk with Joe Rabil, Joe features special guest, Bruce Fraser of Power Charting. Joe and Bruce discuss swing...

Investing

IDS share price has suffered a big reversal in the past few days as demand for the stock drops. Shares of Royal Mail’s parent...



Disclaimer: Frequencytraders.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Frequencytraders.com