Solana and Cardano: Cardano falls below the 0.520 level
This morning, we saw a bullish impulse of the Solana price up to 103.50. The price of Cardano continues its retreat, falling to the 0.518 level this morning.Solana chart analysis
This morning, we saw a bullish impulse of the Solana price up to 103.50. Thus, this week’s new price high was formed. We stop there and start a pullback to the 100.00 level. The pressure is now in that zone, which could have a negative impact on further movement. Potential lower targets are 99.00 and 98.00 levels. In the zone around the 98.00 level, we encountered the EMA200 moving average, which provided us with support yesterday.
We would have to move above the 101.00 level for a bullish option. Then we have to hold there in order to move towards the 102.00 level. In the 102.00-103.00 zone, we encounter a two-day resistance zone, and we need to break above it to start a further recovery. Potential higher targets are 104.00 and 105.00 levels.
Cardano chart analysis
The price of Cardano continues its retreat, falling to the 0.518 level this morning. After that, we saw an attempt to start a recovery, but it was stopped at the 0.525 level. From that level, the price starts a new retreat and exerts new pressure on this morning’s low. A break below could easily happen, as well as the formation of this week’s new low. Potential lower targets are 0.515 and 0510 levels.
We would have to move back above the 0.520 level for a bullish option. Then, let’s hold above and wait for an impulse that will trigger a bullish consolidation. Potential higher targets are 0.535 and 0.540 levels. An additional resistance in the zone around 0.540 levels is the EMA200, which we failed to cross this week.
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