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Solana and Cardano: Cardano is getting closer to a new low

Solana and Cardano: Cardano is getting closer to a new low

Yesterday’s attempt to recover the price of Solana was stopped at the $138.00 level. 
Cardano’s price continues the previous bearish consolidation today. 

Solana chart analysis

Yesterday’s attempt to recover the price of Solana was stopped at the $138.00 level. Additional resistance in that zone is the EMA50 moving average. This morning, a new attempt by the price to start a new positive consolidation was stopped at the same level.

After that, we started a new pullback, and now we are at the $128.00 level, testing yesterday’s low. This week’s low is a little lower at the $126.50 level.

Chances are increasing that we will see a drop below to a new weekly low. Potential lower targets are the $125.00 and $124.00 levels.

We need a positive consolidation and a return of the Solana price up to $138.00 for a bullish option. This brings us back above the EMA50 and we hope to be able to hold above and trigger further price growth. Potential higher targets are $140.00 and $142.00 levels.

Cardano chart analysis

Cardano’s price continues the previous bearish consolidation today. This morning’s resistance is at the 0.455 level, coinciding with the EMA50 moving average. From there, we initiate a bearish consolidation and move down to the 0.435 level.

We are on track to test yesterday’s low at 0.427 soon, and it is very possible that we will see a break below to a new weekly low. Potential lower targets are 0.425 and 0.420 levels.

We need a positive consolidation and a return up to the 0.455 level for a bullish option. Then, it is necessary to hold up there successfully and, with the support of the EMA50, start a further recovery on the bullish side.

Potential higher targets are 0.460 and 0.465 levels. A little further above, we come across the weekly open price at 0.468, and if we climbed above it, it would significantly help the further bullish trend.

The post Solana and Cardano: Cardano is getting closer to a new low appeared first on FinanceBrokerage.

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