- Solana price rose to a new weekly high of 61.80 yesterday.
- Cardano price is retracing after rising to the resistance at the 0.389 level.
Solana Chart Analysis
Solana price rose to a new weekly high of 61.80 yesterday. We stopped at that level and started a pullback that lasted until last night at the 58.50 level. There we obtain new support and form a new bottom from which we begin a bullish recovery to the 61.00 level. Today we have resistance at that level and the price has pulled back to the 60.00 level. We expect to see new support and the start of a new positive consolidation that would break above the 61.00 level.
The highest potential targets are the 61.50 and 62.00 levels. For a bearish option, we need a drop to the level of 59.00. In this way we would form a new daily low and receive confirmation of bearish pressure on the price. We could see a drop to lower support levels. The lowest possible targets are the levels 58.50 and 58.00. Additional support for the price in the area around 58.00 is the EMA50 moving average.
Cardano Chart Analysis
Cardano price is retracing after rising to the resistance at the 0.389 level. Since then, we have been in a bearish consolidation that continues today. A two-day low was formed at the 0.372 level and we are very close to testing this week’s low at the 0.370 level. The EMA50 moving average puts additional pressure on Cardano, which could influence us to see a break below and the formation of a new price low.
The lowest possible targets are the 0.365 and 0.360 levels. For a bullish option, we need positive consolidation and performance above the EMA50 and 0.385 levels. So it is necessary to stay up there, wait for the next impulse and start the continuation of the recovery on the bullish side. The highest potential targets are the 0.390 and 0.395 levels.
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