Solana and Cardano: Solana advances to the 102.00 level
Today, we are looking at the return of the Solana price above the 100.00 level.
The price of Cardano dropped again this morning to the support zone around the 0.525 level.
Solana chart analysis
Today, we are looking at the return of the Solana price above the 100.00 level. After Monday’s price pullback to 93.00, we see a bullish consolidation throughout yesterday and a continuation today. This morning was the first attempt to move above the 100.00 level. We failed then, and we returned to support at the 97.00 level. Additional support in that zone is found in the EMA50 moving average. The price starts a new bullish consolidation and takes us up to the 102.00 level.
If this trend continues, the potential higher targets are 104.00 and 106.00. We need a new negative consolidation and a return to the support zone for a bearish option. A fall below it would confirm the bearish momentum for the continuation of the bearish trend. The price of Solana would be in the support zone from the beginning of the week. Potential lower targets are 96.00 and 94.00 levels.
Cardano chart analysis
The price of Cardano dropped again this morning to the support zone around the 0.525 level. Similar to the beginning of the week, we are receiving support, and the price has recovered to the 0.535 level. We need a continuation of this positive consolidation to the 0.545 level. In that zone, we come across the EMA200 moving average, and we would have to cross it in order to get rid of the bearish pressure.
Moving above would make it easier to start a recovery and move to higher levels. Potential higher targets are 0.550 and 0.560 levels. For a bearish option, we need to go down and test this week’s support level. A breakout of the Cardano price below would lead to the formation of a new low, and thus, we would receive confirmation of the bearish trend. Potential lower targets are 0.520 and 0.510 levels.
The post Solana and Cardano: Solana advances to the 102.00 level appeared first on FinanceBrokerage.