Solana and Cardano: Cardano continues to slip below 0.290
The price of Solana continues with the bullish consolidation from the previous week.
The price of Cardano has been in a bearish consolidation for almost a week.
Solana chart analysis
The price of Solana continues with the bullish consolidation from the previous week. This morning, we saw the formation of a new August high at the 25.39 level. After that, the price retreats to support at the 24.70 level, and then we see a new impulse and test the 25.00 level.
We now need to hold above the 25.00 level to trigger a continuation of the recovery and test the previous high. Potential higher targets are 25.50 and 25.75 levels.
For a bearish option, we need a negative consolidation and pullback to support at the 24.50 level. Additional support in that zone is the EMA50 moving average. A price break below these support levels would mean a potential further weakening of the price of Solana. The lower targets are 24.25 and 24.00 levels.
Cardano chart analysis
The price of Cardano has been in a bearish consolidation for almost a week. After the price reached the 0.302 level last week, we see the beginning of the current bearish trend. We are looking for support in the zone around the 0.286 level and are maintaining above it for now. A break below would mean a likely further weakening of the price and a visit to the previous low. Potential lower targets are 0.284 and 0.282 levels.
We need a positive consolidation and a move above the 0.292 level for a bullish option. Then, we would have to stay above and form a new bottom there, from which we start the continuation to the bullish side. Potential higher targets are 0.296 and 0.298 levels.
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