Solana and Cardano: Cardano makes a slight recovery to 0.423
Cardano’s price has been in a bullish trend since the beginning of this week.
Solana chart analysis
Solana’s new weekly high price was formed this morning at the $154.80 level. We managed to get past last week’s high. Now, the price is pulling back from this level, looking for support in the zone of the $146.00 level. Here, we are testing the weekly open price, and it is very important to stay above it if we want to see a continuation on the bullish side. Retracement above $150.00 we get support from the EMA50 moving average.
Potential higher targets are $152.00 and $154.00 levels. We need a negative consolidation and a drop to the $144.00 level for a bearish option. In that zone, we encounter the EMA200 moving average. In previous testing, we managed to stay above it. New pressure in that zone could create a bearish impulse and send us below. Potential lower targets are the $142.00 and $140.00 levels.
Cardano chart analysis
Cardano’s price has been in a bullish trend since the beginning of this week. That pushed the price up to the 0.423 level this morning. At that level we encounter resistance and make a pullback to the 0.410 level. Here, we encounter the EMA50 moving average and manage to hold above it. The current consolidation has resistance at the 0.420 level and we need an impulse above to return to the bullish side.
Potential higher targets are 0.425 and 0.430 levels. We need a negative consolidation and a drop below the 0.410 level for a bearish option. This moves us to a new daily low and below the EMA50 moving average. After that, Cardano will be under pressure to seek new support at lower levels. Potential lower targets are 0.405 and 0.400 levels.
