Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

Solana and Cardano: Cardano price continues to retreat

Solana and Cardano: Cardano price continues to retreat

The price of Solana was in a strong bearish consolidation yesterday, which this morning created a new weekly low at the 122.30 level
A strong bearish impulse pushed the price of Cardano to a new weekly low at the 0.306 level this morning

Solana chart analysis

The price of Solana was in a strong bearish consolidation yesterday, which this morning created a new weekly low at the 122.30 level. Shortly after that, we saw a break to the $126.00 support level. The price continued to rise to $131.50, where it formed a new daily high. For now, we encounter resistance here and turn to the bearish side again. If we manage to stay above the weekly open price, it would mean a lot for a possible recovery to the bullish side.

If Solana manages to move above the EMA 50 moving average, it would strengthen the bullish position. Potential higher targets are the $132.00 and $134.00 levels. For a bearish option, we need a price pullback below the weekly open level. With that, we move again to the bearish side and will be under pressure to create a new low. Potential lower targets are the $128.00 and $126.00 levels.

 

Cardano chart analysis

A strong bearish impulse pushed the price of Cardano to a new weekly low at the 0.306 level this morning. Shortly after that, we saw a retracement above 0.320 and the daily open price. Cardano managed to continue to 0.325 and forms a daily high there. We didn’t have the strength to continue, and the price began to retreat below the 0.320 level again. Such a picture could trigger a stronger bearish consolidation with the aim of creating a new weekly low.

Potential lower targets are the 0.310 and 0.300 levels. For a bullish option, Cardano needs to stabilize again and return to 0.325. There, we will try to break the EMA 50 moving average and get its support. If we succeed in this, the price should start a bullish consolidation and visit higher levels. Potential higher targets are the 0.330 and 0.340 levels.

 

The post Solana and Cardano: Cardano price continues to retreat appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Investing

    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

    Stock

    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

    Disclaimer: thefreedomright.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2020-2024 The Freedom Right. All Rights Reserved