Solana and Cardano: new support at 0.500 level for Cardano

The price of Solana is retreating after yesterday’s jump to $106.45.
The price of Cardano has been in a bearish consolidation since yesterday.

Solana chart analysis

The price of Solana is retreating after yesterday’s jump to $106.45. There has been saturation in that zone, and the price starts and falls to 98.70. After which we climb to support at the $100.00 level. We managed to stay above that level this morning. In the last few hours, there was an increase in pressure on the price of Solana, and we see a break below and a drop to the $99.10 level. The price is under great pressure to continue further retreat, and the potential lower targets are the $98.00 and $96.00 levels.

Additional support in the zone around $96.00 was located in the EMA200 moving average. We would have to move back above the $100.00 level for a bullish option. By moving above the price, it releases the bearish pressure and has the opportunity to initiate a bullish consolidation. Potential higher targets are $104.00 and $106.00 levels.

Cardano chart analysis

The price of Cardano has been in a bearish consolidation since yesterday. The price pulled back to the 0.500 level, where it is now testing the EMA200 moving average. We could get new support here and start a bullish consolidation. If that does not happen, we will see a drop below the price and could test the level from the beginning of this week at 0.490. Potential lower targets are 0.480 and 0.470 levels.

We need a positive consolidation and a move to the 0.510 level for a bullish option. In this way, we would start the recovery and move away from the EMA200. The pressure on the price would be reduced, and the recovery could continue more easily. Potential higher targets are 0.520 and 0.530 levels.

The post Solana and Cardano: new support at 0.500 level for Cardano appeared first on FinanceBrokerage.