Solana Retreats as Cardano Shows Resilience This Week
- Today, we are looking at the pullback of Solana’s price from 69.00 to 64.00.
- Yesterday, the price of Cardano spent the day retreating from 0.600 to 0.560 levels.
Solana chart analysis
Today, we are looking at the pullback of Solana’s price from 69.00 to 64.00. At the 69.00 level, the price formed a new lower high compared to the previous day and began to retreat to a new lower low at the 64.00 level. Both levels indicate that Solana is losing strength and that it is possible to continue pulling back to the bearish side. A move below the EMA50 moving average also exerts additional pressure on the price. Potential lower targets are 63.00 and 62.00 levels.
We would have to return to the 69.00 level for a bullish option. Next, we need a breakout above and hold above. With a new impulse, we would start a positive consolidation and start a recovery on the bullish side. Potential higher targets 70.00 and 71.00 levels.
Cardano chart analysis
Yesterday, the price of Cardano spent the day retreating from 0.600 to 0.560 levels. After that, we see a slight recovery to 0.580, where we encounter a new resistance and start a pullback, which today forms a low at the 0.540 level. It is positive that the fall was stopped there, and the price of Cardano formed a higher low, thus hinting at a potential recovery. It is still early for such a thing because we need to move above the 0.600 level again, if we plan to see more concrete growth at higher levels. Potential higher targets are 0.620 and 0.640 levels.
We would have to return to the 0.540 level for a bearish option and test support there again. A break below would take us down to the 0.520 level, where we would have a new test of the EMA50 moving average. If we don’t manage to stay above, the price will slip below and form a new low for this week. Potential lower targets are 0.500 and 0.480 levels.
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