Solana and Cardano: Cardano under bearish pressure this week
Yesterday, the price of Solana retreated to $175.35.
The price of Cardano has been under pressure since the beginning of this week, and it has failed to rise above the previous high.
Solana chart analysis
Yesterday, the price of Solana retreated to $175.35. After Monday’s jump to $193.98, the price lost momentum and started a decline that was halted last night. We then managed to start a new bullish consolidation from there, and today, we climbed to the $184.50 level. Solana is again above the EMA 200 moving average, which reinforces the bullish option.
It’s important to note that we have potential higher targets at the $186.00 and $188.00 levels, which should instill confidence. However, we need to be mindful of bearish consolidation, a price drop below the EMA 200 moving average, and $178.00 for a bearish option. We are nearing the test of the daily low before continuing the pullback to a new lower low. Potential lower targets are $176.00 and $174.00 levels.
Cardano chart analysis
The price of Cardano has been under pressure since the beginning of this week, and it has failed to rise above the previous high. A three-day bearish consolidation brought the price down to 0.394 levels last night. After that, we saw a limited attempt to recover to the 0.405 level. We failed to move above the weekly open price, and Litecoin was forced to start a new pullback. It is now at the 0.400 level and on its way to visit the previous low.
Potential lower targets are 0.395 and 0.390 levels. For a bullish option, the price of Litecoin must initiate a bullish consolidation. By returning above the weekly open price, we get the support of the EMA 50 moving average to continue on the bullish side. Potential higher targets are 0.410 and 0.415 levels.
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