Solana and Cardano: Cardano goes to this year’s high
The Solana price continues its retreat, again pressing the 102.00 support level.
Cardano’s price climbed to a new high at the 0.678 level this morning.
Solana chart analysis
The Solana price continues its retreat, again pressing the 102.00 support level. Here, we are also testing the EMA50 moving average and expect to get its support and initiate a new bullish consolidation. By moving above 108.00, we would make the first step and have enough space to form a bottom at that level. With a bullish impulse, we would start further recovery from there. Potential higher targets are 112.00 and 116.00 levels.
For a bearish option, we need a negative consolidation and a drop in the price of Solana to the 100.00 level. Thus, we would fall below the EMA50 moving average, which would have a negative impact on the price, and we would see a continuation of the pullback. Potential lower targets are 96.00 and 92.00 levels.
Cardano chart analysis
Cardano’s price climbed to a new high at the 0.678 level this morning. We stop there and pull back to support at the 0.640 level. For now, we manage to stay above that level and hope for a new bullish consolidation and a continuation on the bullish side. Potential higher targets are 0.660 and 0.670 levels.
We need a negative consolidation and a drop below the 0.640 level for a bearish option. We then need to continue to the next support at 0.630. A break below this level would further strengthen the bearish pressure, and we would form a new daily low. Potential lower targets are 0.620 and 0.610 levels. EMA50 moving average is in the zone around 0.6100 levels.
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