Solana and Cardano: Cardano retreated below the 0.445 level
The price of Solana, after a temporary retreat to the $163.48 level, is at a critical point.
The new weekly low price of Cardano was formed this morning at the 0.443 level.
Solana chart analysis
The price of Solana, after a temporary retreat to the $163.48 level, is at a critical point. It managed to hold above and recover slightly to $165.00. However, for a successful recovery to the bullish side, it is crucial for the price to hold above $164.00. Potential higher targets are $166.00 and $167.00 levels. In the $168.00 zone, we return to the EMA200 moving average, the site of the beginning of this morning’s decline.
For the bearish option, we need a new test of the weekly open price at the $163.24 level. By going below, we will form a new weekly low and move to the negative side. Potential lower targets are $162.00 and $161.00 levels. Our previous low from Sunday is at the $160.36 level.
Cardano chart analysis
The new weekly low price of Cardano was formed this morning at the 0.443 level. However, we are holding above and recovering to the 0.450 level, indicating a potential for a solid recovery. This recovery is crucial for us to start further growth to the bullish side. Potential higher targets are 0.455 and 0.460 levels, suggesting a positive outlook for Cardano.
Additional opportunity Cardano will have in the EMA50 moving average, a technical indicator that gives more weight to recent price data, around 0.455 levels. We need a negative consolidation and pullback below the 0.450 level for a bearish option. With that, we turn again to the bearish side and expect a new testing of this morning’s low. New pressure could easily push the price to a new low and thus extend the bearish trend. Potential lower targets are 0.440 and 0.435 levels.
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