Solana and Cardano: Cardano price continues to retreat
- The price of Solana was in a strong bearish consolidation yesterday, which this morning created a new weekly low at the 122.30 level
- A strong bearish impulse pushed the price of Cardano to a new weekly low at the 0.306 level this morning
Solana chart analysis
The price of Solana was in a strong bearish consolidation yesterday, which this morning created a new weekly low at the 122.30 level. Shortly after that, we saw a break to the $126.00 support level. The price continued to rise to $131.50, where it formed a new daily high. For now, we encounter resistance here and turn to the bearish side again. If we manage to stay above the weekly open price, it would mean a lot for a possible recovery to the bullish side.
If Solana manages to move above the EMA 50 moving average, it would strengthen the bullish position. Potential higher targets are the $132.00 and $134.00 levels. For a bearish option, we need a price pullback below the weekly open level. With that, we move again to the bearish side and will be under pressure to create a new low. Potential lower targets are the $128.00 and $126.00 levels.
Cardano chart analysis
A strong bearish impulse pushed the price of Cardano to a new weekly low at the 0.306 level this morning. Shortly after that, we saw a retracement above 0.320 and the daily open price. Cardano managed to continue to 0.325 and forms a daily high there. We didn’t have the strength to continue, and the price began to retreat below the 0.320 level again. Such a picture could trigger a stronger bearish consolidation with the aim of creating a new weekly low.
Potential lower targets are the 0.310 and 0.300 levels. For a bullish option, Cardano needs to stabilize again and return to 0.325. There, we will try to break the EMA 50 moving average and get its support. If we succeed in this, the price should start a bullish consolidation and visit higher levels. Potential higher targets are the 0.330 and 0.340 levels.
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