Solana and Cardano: Cardano rises to resistance at 0.445
The price of Cardano rose to the 0.445 level last night, to the weekly open price.
Solana chart analysis
The price of Solana managed to recover yesterday to the $162.00 level. We tried to move above the weekly open price, but we failed in that intention. The price first bounced back to $160.00, where it encountered new resistance at the EMA200 moving average. After that, a bearish consolidation was initiated, and it fell to the $150.00 level this morning. We have maintained this level in the last few hours and remain under bearish pressure.
The new downward impulse pushes us to the daily low and directs us to a pullback. Potential lower targets are the $147.50 and $145.00 levels. We need a positive consolidation and a movement of the Solana price above the $155.00 level for a bullish option. We get support from the EMA50 moving average and return above the daily open price there. Potential higher targets are $157.50 and $160.00 levels.
Cardano chart analysis
The price of Cardano rose to the 0.445 level last night, to the weekly open price. We encounter resistance at that level and begin a pullback below the EMA200 moving average. A bearish consolidation was initiated this morning to the 0.425 support level. For now, we are holding above that level and moving up to the 0.430 level. We need a stronger push to 0.440 to get back to the EMA200 moving average.
Cardana’s momentum above will add to the bullish momentum, and we could see a jump to a new weekly high. Potential higher targets are 0.450 and 0.455 levels. We need a negative consolidation and a break below this morning’s support at 0.425 for a bearish option. A break below will create a new daily low and thus confirm the bearish pressure. Potential lower targets are 0.420 and 0.415 levels.
