Solana and Cardano: Cardano in an uptrend this week
- Yesterday, we watched the Solana price pull back from the weekly high to the weekly open level
- The price of Cardano has been in a bullish trend since the beginning of this week
Solana chart analysis
Yesterday, we watched the Solana price pull back from the weekly high to the weekly open level. A strong bearish impulse quickly moved us below the EMA 200 moving average, causing us to continue falling to a new low at the $141.00 level. After that, this morning, Solana tried to initiate a recovery, but it encountered resistance at the 144.00 level. We have additional pressure in the EMA 50 moving average at that level.
The price of Solana was again forced to retreat, leading to a drop to the new $141.00 level. Potential lower targets are the $140.00 and $139.00 levels. For a bullish option, we need a positive consolidation and a return above the weekly open price. Then, we need to stabilize there in order to have a position from which to start recovery. Potential higher targets are the $143.00 and $144.00 levels.
Cardano chart analysis
The price of Cardano has been in a bullish trend since the beginning of this week. Yesterday, we stabilized above the 200 EMA and 0.335 weekly open price. With the support of the moving average, the price was more confident with bullish consolidation. Today, we saw strong bullish impulses and a rise to the 0.361 level, a new weekly high. After its formation, the price stops there and begins to retreat to the 0.350 level.
In this zone, Cardano’s price could try to find new support and stop further pullbacks. With a new bullish consolidation, we can expect a return to the zone of this week’s high. Potential higher targets are 0.365 and 0.370 levels. We need a negative consolidation and continued pullback to the daily open price of 0.345 for a bearish option. Additional support in that zone is the EMA 50 moving average. Further pressure on the price will lead to a continuation of the pullback. Potential lower targets are 0.340 and 0.335 levels.
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