Solana and Cardano: Solana recovers to the $178.00 level
- Yesterday’s retreat of the Solana price was stopped at the $170.20 level.
- The price of Cardano fell to a new weekly low yesterday at the 0.403 level.
Solana chart analysis
Yesterday’s retreat of the Solana price was stopped at the $170.20 level. After that, we consolidate in the $170.00-$174.00 range. This triggered a bullish impulse to the $177.00 level in the previous hour. With that, we moved above the EMA 50 moving average and got its support. Hopefully, we will have enough room to stabilize before we continue with our recovery. That would be great; potential higher targets are the $178.00 and $179.00 levels.
Otherwise, a bearish option requires Solana to pullback below $175.00 and the EMA 50 moving average. This gives us a picture that will form a lower high and confirm the bearish trend. At $173.00, we will test the daily open price, and if it does not hold, we will see a pullback to this week’s support zone. Potential lower targets are the $171.00 and $170.00 levels.
Cardano chart analysis
The price of Cardano fell to a new weekly low yesterday at the 0.403 level. After that, we saw consolidation and momentum up to the 0.420 level. Unfortunately, this is where we encounter resistance in the EMA 50 moving average and turn to the bearish side again. The price is now at 0.415 and facing the bearish side. Potential lower targets are 0.410 and 0.405 levels.
For a bullish option, the Cardano price would have to retrace above the EMA 50 and 0.420 levels. With new support, the price could continue its recovery. Potential higher targets are the 0.425 and 0.430 levels. Additional resistance in the 0.425 zone is at the EMA 200 moving average. Fortunately, with the support of the 200 EMA, the price would consolidate the bullish trend and could continue to grow to the bullish side.
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