Solana and Cardano: Cardano in consolidation for two days
- The price of Solana rose to the $89.59 level this morning, forming a three-day high there.
- Cardano’s price moved in a sideways consolidation in the 0.465-0.480 range in two previous days.
Solana chart analysis
The price of Solana rose to the $89.59 level this morning, forming a three-day high there. The price stopped there, and the additional pressure in that zone created the EMA200 moving average. After which we see a pullback to the $87.00 level, forming a daily low. We are now holding above but moving to the $89.00 level in a limited range. We need a stronger impulse that would move us to the $90.00 level and above the EMA200. Potential higher targets are $91.00 and $92.00 levels.
For a bearish option, we need the formation of a new low below the $87.00 level. This would give us confirmation of the bearish momentum to start a further pullback. The next potential support zone is around the $86.00 level. A break below would further pressure the price and send it even lower. Potential lower targets are $85.00 and $84.00 levels.
Cardano chart analysis
Cardano’s price moved in a sideways consolidation in the 0.465-0.480 range in two previous days. We can’t break the 0.480 level and continue the recovery. We need a positive consolidation that would move the price above the resistance zone and thus form a new three-day high. Potential higher targets are 0.490 and 0.500 levels. EMA200 moving average is in the zone around 0.500 levels.
We need a pullback to support a bearish option at the 0.465 level. New pressure could easily lead to a breakout below and the formation of a new low. This confirms the bearish option, and we expect to see a continuation of the pullback to lower levels. Potential lower targets are 0.460 and 0.450 levels.
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