Solana and Cardano: Cardano is getting closer to a new low
Yesterday’s attempt to recover the price of Solana was stopped at the $138.00 level.
Cardano’s price continues the previous bearish consolidation today.
Solana chart analysis
Yesterday’s attempt to recover the price of Solana was stopped at the $138.00 level. Additional resistance in that zone is the EMA50 moving average. This morning, a new attempt by the price to start a new positive consolidation was stopped at the same level.
After that, we started a new pullback, and now we are at the $128.00 level, testing yesterday’s low. This week’s low is a little lower at the $126.50 level.
Chances are increasing that we will see a drop below to a new weekly low. Potential lower targets are the $125.00 and $124.00 levels.
We need a positive consolidation and a return of the Solana price up to $138.00 for a bullish option. This brings us back above the EMA50 and we hope to be able to hold above and trigger further price growth. Potential higher targets are $140.00 and $142.00 levels.
Cardano chart analysis
Cardano’s price continues the previous bearish consolidation today. This morning’s resistance is at the 0.455 level, coinciding with the EMA50 moving average. From there, we initiate a bearish consolidation and move down to the 0.435 level.
We are on track to test yesterday’s low at 0.427 soon, and it is very possible that we will see a break below to a new weekly low. Potential lower targets are 0.425 and 0.420 levels.
We need a positive consolidation and a return up to the 0.455 level for a bullish option. Then, it is necessary to hold up there successfully and, with the support of the EMA50, start a further recovery on the bullish side.
Potential higher targets are 0.460 and 0.465 levels. A little further above, we come across the weekly open price at 0.468, and if we climbed above it, it would significantly help the further bullish trend.
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