Solana is back above 60.00, while Cardano pauses at 0.390
Today, we see a nice bullish consolidation of the Solana price up to 61.81.
Cardano’s price successfully moved above the EMA50 moving average yesterday.
Solana chart analysis
Today, we see a nice bullish consolidation of the Solana price up to 61.81. We stop at that level and start a pullback below the 61.00 level. We are now looking at the 60.00 level as potential support for stopping this pullback. If we succeed in that, we will be in a good position for further recovery. Potential higher targets are 62.00 and 63.00 levels.
We need a negative consolidation and a drop to the 59.00 level for a bearish option. There, we would test the position of the previous bullish break. A new drop below that level would drag us into the previous consolidation at 57.50-59.00.
Failure to move back above would lead to a drop below and the formation of a new low. Potential lower targets are 57.00 and 56.00 levels. We could get additional support in the EMA50 moving average in the zone around the 57.00 level.
Cardano chart analysis
Cardano’s price successfully moved above the EMA50 moving average yesterday. This led to the formation of a two-day high price at the 0.389 level. For now, we have resistance in that zone and are pulling back to the 0.384 level. We are again very close to testing the EMA50 moving average at the 0.382 level. If we manage to get support at that level, we could start a new positive consolidation and break above the 0.390 level.
Potential higher targets are 0.392 and 0.394 levels. We need a drop below the EMA50 moving average for a bearish option. After that, we could form a low at the 0.380 level. That would be our first sign that Cardano does not have the strength to recover and that we will see a retreat to lower levels. Potential lower targets are 0.378 and 0.376 levels.
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