Solana and Cardano: Cardano loses ground below 0.480 level
On Tuesday, the price of Solana retreated from $187.00 to $174.35.
Yesterday, we saw Cardana’s price confirmation of a weekly high at 0.511 level.
Solana chart analysis
On Tuesday, the price of Solana retreated from $187.00 to $174.35. After receiving new support at that level, a positive consolidation was initiated this morning to the $182.85 level. There, we form a new daily high and pull back to the $179.00 level, where we will test support in the EMA50 moving average. If we hold above, we could initiate a new positive consolidation above today’s high.
Potential higher targets are $184.00 and $186.00 levels. A new drop below $178.00 and the EMA50 moving average will confirm Solana’s price weakness, leading to a further pullback. We will return to yesterday’s support zone and try to hold there. The impossibility of holding on there will push us to a new daily low. Potential lower targets are $174.00 and $172.00 levels.
Cardano chart analysis
Yesterday, we saw Cardano’s price confirmation of a weekly high at 0.511 level. The price did not have the strength to start further growth, which led to the initiation of bearish consolidation. First, we dipped below the 0.500 level. This increased the pressure on the weakened Cardano, pushing it lower and lower. This morning, we saw a drop below the EMA50 moving average and the formation of a new low at the 0.482 level.
After the support at this level, we recover to 0.495 and encounter a new resistance there. Cardano has again turned to the bearish side and could soon test this morning’s low. Potential lower targets are 0.480 and 0.475 levels. Additional support at 0.475 is in the EMA200 moving average. With a return above the 0.495 level, Cardano would have the opportunity to initiate a bullish consolidation and continue the previous bullish trend.
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