Solana and Cardano: Cardano remains in the support zone
The price of Solana fell this morning to a two-day low at the $141.00 level. The price of Cardano this morning is back again in this week’s support zone around 0.425.Solana chart analysis
The price of Solana fell this morning to a two-day low at the $141.00 level. Yesterday, we saw a pullback below the EMA200, which further added pressure on the price. We managed to get support and recover slightly to the $144.50 level. Here, we meet the EMA50 moving average. For now, we have some resistance in that zone. We need an impulse above to retest the EMA200.
If we succeed, we will get rid of the bearish pressure and could continue the recovery. Potential higher targets are $146.00 and $147.00 levels. For a bearish option, we need a negative consolidation and pullback to this morning’s support at $141.00. New pressure in that zone could produce an impulse below, forming a new daily low. Potential lower targets are the $140.00 and $139.00 levels.
Cardano chart analysis
The price of Cardano this morning is back again in this week’s support zone around 0.425. We managed to hold above and slightly recover to the 0.433 level. In this zone, we meet the EMA50 moving average and need an impulse above to trigger further recovery. If we move above, the next important level is at 0.438, the place of the weekly open price. Above that, we are on the positive side and can hope for a recovery.
Potential higher targets are 0.440 and 0.445 levels. In the 0.445 zone, we retest the EMA200 moving average. For a bearish option, we need a negative consolidation and a new drop in the price of Cardano to the 0.425 support level. That would strengthen the bearish momentum, pushing the price to a new weekly low. Potential lower targets are 0.420 and 0.415 levels.
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