Solana and Cardano: Solana breaks yesterday’s support
- The price of Solana fell this morning to $165.90.
- Cardano’s price failed to hold above the support at the 0.400 level last night.
Solana chart analysis
The price of Solana fell this morning to $165.90. Yesterday’s strong bearish consolidation pushed the price to a new weekly low. The fall has stopped for now, and we see a slight recovery at the $169.00 level. We need a continuation to continue on the bullish side and rise above $172.00 if we want to return to the positive side. With the new bullish consolidation, the price will have the opportunity to go back up to the EMA 200 moving average and the $178.00 level.
With that step, we are moving into the previous movement zone, and with the support of the EMA 200, we can strengthen the bullish momentum. For a bearish option, we need a negative consolidation and a test of this morning’s support level. This time, we could see a break below and the formation of a new weekly low. Potential lower targets are the $164.00 and $162.00 levels.
Cardano chart analysis
Cardano’s price failed to hold above the support at the 0.400 level last night. A strong bearish consolidation followed and a drop to the 0.390 level. We tried to stop there this morning, but the momentum took us down to a new low at the 0.379 level. The pullback was stopped at that level for now, and the price has recovered to the 0.387 level. In the last few hours, we have had a slight positive movement in the price, which could influence us to see further recovery by the end of the day.
Potential higher targets are 0.390 and 0.395 levels. With the rise to 0.395, we will meet the EMA 50 moving average. With a move above its line, we get its support for a further continuation to the bullish side. For a bearish option, Cadrano’s price would have to revisit this morning’s support zone. The impossibility of holding there would push the price below and thus form a new weekly low. Potential lower targets are 0.375 and 0.370 levels.
The post Solana and Cardano: Solana breaks yesterday’s support appeared first on FinanceBrokerage.