Solana and Cardano: Cardano in lateral consolidation
- The price of Solana rose to the $185.00 level on Sunday evening.
- The price of Cardano fell to a new weekly low this morning at the 0.418 level.
Solana chart analysis
The price of Solana rose to the $185.00 level on Sunday evening. After forming this high, the price started to lose its previous bullish momentum. This led to the initiation of a bearish consolidation and a drop this morning to the $174.00 level. We managed to get support at that level and recover slightly to the $177.00 level. In this zone, we encounter the EMA 50 moving average.
By moving above it, the price of Solana would have the opportunity to initiate a stronger bullish consolidation. Potential higher targets are $180.00 and $182.00 levels. If we fail to do so, we expect to turn to the bearish side and form a new weekly low. Potential lower targets are $172.00 and $170.00 levels. Additional price support could be found in the 200 EMA in the $167.00 zone.
Cardano chart analysis
The price of Cardano fell to a new weekly low this morning at the 0.418 level. We are in a bearish trend for the second day, which led to a drop below the EMA 200 moving average and the 0.430 level. After the formation of this morning’s low, the price started a recovery to the 0.425 level. We will test the EMA 200 once again before we continue the trend.
Failure to move above will trigger another bearish consolidation, and we expect a new weekly low to form. Potential lower targets are the 0.415 and 0.410 levels. For a bullish option, we need an impulse above the EMA 200 and the 0.430 level. This brings us back to the positive side, and we can hope for a better bullish consolidation. Potential higher targets are the 0.435 and 0.440 levels.
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