Solana and Cardano: Cardano is testing support at 0.450
The new weekly low price of Solane was formed on Wednesday at the $140.00 level.
Cardano’s price managed to recover to the 0.469 level.
Solana chart analysis
The new weekly low price of Solane was formed on Wednesday at the $140.00 level. After that, we saw a recovery attempt, which was stopped at the $145.00 level. An additional pressure and obstacle at that level is the EMA200 moving average. This led to a slight pullback to the $142.50 level. For now, we have support at that level and could see the initiation of a bullish consolidation above the resistance level.
Potential higher targets are $146.00 and $148.00 levels. We need a negative consolidation and a price pullback down to the $140.00 level for a bearish option. This puts pressure on the weekly low. We need a new impulse that would lower us to a new low and thus confirm further continuation to the bearish side. Potential lower targets are $138.00 and $136.00 levels.
Cardano chart analysis
Cardano’s price managed to recover to the 0.469 level. We stop there and start a bearish consolidation up to the 0.450 support level. We got that support this morning and climbed to the 0.465 daily high. We meet new resistance there and see another bearish consolidation that takes us back to the 0.450 support level. We are breaking below the EMA200 moving average, and this could negatively affect the price of Cardano.
Potential lower targets are 0.445 and 0.440 levels. We need a positive consolidation and a move above the 0.460 level for a bullish option. This moves us above the EMA200 and the weekly open price. Returning to the positive side will make it easier for us to start further recovery. Potential higher targets are 0.465 and 0.470 levels.
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