Solana and Cardano: Cardano is testing support at 0.3000
The price of Solana continues its ten-day retreat, forming yesterday’s low at the 22.90 level. Cardano’s price continues to test the two-week support at the 0.3000 level.Solana chart analysis
The price of Solana continues its ten-day retreat, forming yesterday’s low at the 22.90 level. After that, we moved back above 23.00, and we are moving in a narrow range of 23.00-23.50. Since we are in a bearish trend, we expect to see a breakout below and a continuation to the bearish side. Potential lower targets are 22.50 and 22.00 levels.
We need a positive consolidation and price movement above the 23.50 level for a bullish option. Then, it is necessary to maintain up there in order to initiate the continuation of the bullish consolidation and the recovery of the price of Solana. Potential higher targets are 24.00 and 24.50 levels. In the zone around 24.50, we come across the EMA50 moving average, and there we could expect more serious resistance to the bullish option.
Cardano chart analysis
Cardano’s price continues to test the two-week support at the 0.3000 level. For now, we manage to stay above, but we don’t have a strong enough impulse to push us up. In the zone around 0.3100, we encounter the EMA moving average, and we would need a break above to continue on the bullish side.
We need to stabilize around the 0.3150 level and start a new consolidation and continued recovery from that place. Potential higher targets are 0.3200 and 0.3250 levels. We need a negative consolidation and a new pullback to the 0.3000 support level for a bearish option. Then, we need a breakout below to confirm a bearish continuation. Potential lower targets are 0.2950 and 0.2900 levels.
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