Solana and Cardano: Solana is back above 100.00 and EMA50
Last week’s bearish trend of the Solana price ended yesterday at 85.46.
The price of Cardana yesterday fell to a new low this year at the 0.465 level.
Solana chart analysis
Last week’s bearish trend of the Solana price ended yesterday at 85.46. The price receives the required support and starts a bullish consolidation, returning above the 100.00 level. This morning, we saw the formation of this week’s high at the 104.00 level, after which we made a pullback to the 100.00 level. Additional support from the lower side is found in the EMA50 moving average, and the pullback is stopped and we turn again to higher levels. Potential higher targets are 104.00 and 106.00 levels.
For a bearish option, we need a pullback below the 98.00 level. This is where we would test today’s starting price. The price drop pulls us below the EMA50 moving average and thus strengthens the bearish momentum. With such pressure, the price is likely to give way and begin a retreat. Potential lower targets are 96.00 and 94.00 levels.
Cardano chart analysis
The price of Cardana yesterday fell to a new low this year at the 0.465 level. After gaining support, we see bullish consolidation up to the 0.542 level. In that zone, we encountered resistance in the EMA50 moving average, which did not allow us to move above it in the previous attempt. This leads to a pullback to the 0.520 level of support. Today’s consolidation is bearish, and we expect to see a drop to a new low. Potential lower targets are 0.500 and 0.480 levels.
We need to climb above 0.560 and the EMA50 moving average for a bullish option. Thus, we would form a new daily high and get rid of the bearish pressure. After that, we could start further recovery more freely. Potential higher targets are 0.580 and 0.600 levels.
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