Connect with us

Hi, what are you looking for?

Economy

Solana and Cardano: Solana advances to the 102.00 level

Solana and Cardano: Solana advances to the 102.00 level

Today, we are looking at the return of the Solana price above the 100.00 level. The price of Cardano dropped again this morning to the support zone around the 0.525 level.

Solana chart analysis

Today, we are looking at the return of the Solana price above the 100.00 level. After Monday’s price pullback to 93.00, we see a bullish consolidation throughout yesterday and a continuation today. This morning was the first attempt to move above the 100.00 level. We failed then, and we returned to support at the 97.00 level. Additional support in that zone is found in the EMA50 moving average. The price starts a new bullish consolidation and takes us up to the 102.00 level.

If this trend continues, the potential higher targets are 104.00 and 106.00. We need a new negative consolidation and a return to the support zone for a bearish option. A fall below it would confirm the bearish momentum for the continuation of the bearish trend. The price of Solana would be in the support zone from the beginning of the week. Potential lower targets are 96.00 and 94.00 levels.

Cardano chart analysis

The price of Cardano dropped again this morning to the support zone around the 0.525 level. Similar to the beginning of the week, we are receiving support, and the price has recovered to the 0.535 level. We need a continuation of this positive consolidation to the 0.545 level. In that zone, we come across the EMA200 moving average, and we would have to cross it in order to get rid of the bearish pressure.

Moving above would make it easier to start a recovery and move to higher levels. Potential higher targets are 0.550 and 0.560 levels. For a bearish option, we need to go down and test this week’s support level. A breakout of the Cardano price below would lead to the formation of a new low, and thus, we would receive confirmation of the bearish trend. Potential lower targets are 0.520 and 0.510 levels.

The post Solana and Cardano: Solana advances to the 102.00 level 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