Economy

Solana and Cardano: Cardano retreated below the 0.445 level

Solana

Solana and Cardano: Cardano retreated below the 0.445 level

  • The price of Solana, after a temporary retreat to the $163.48 level, is at a critical point.
  • The new weekly low price of Cardano was formed this morning at the 0.443 level.

Solana chart analysis

The price of Solana, after a temporary retreat to the $163.48 level, is at a critical point. It managed to hold above and recover slightly to $165.00. However, for a successful recovery to the bullish side, it is crucial for the price to hold above $164.00. Potential higher targets are $166.00 and $167.00 levels. In the $168.00 zone, we return to the EMA200 moving average, the site of the beginning of this morning’s decline.

For the bearish option, we need a new test of the weekly open price at the $163.24 level. By going below, we will form a new weekly low and move to the negative side. Potential lower targets are $162.00 and $161.00 levels. Our previous low from Sunday is at the $160.36 level.

Solana chart analysis

Cardano chart analysis

The new weekly low price of Cardano was formed this morning at the 0.443 level. However, we are holding above and recovering to the 0.450 level, indicating a potential for a solid recovery. This recovery is crucial for us to start further growth to the bullish side. Potential higher targets are 0.455 and 0.460 levels, suggesting a positive outlook for Cardano.

Additional opportunity Cardano will have in the EMA50 moving average, a technical indicator that gives more weight to recent price data, around 0.455 levels. We need a negative consolidation and pullback below the 0.450 level for a bearish option. With that, we turn again to the bearish side and expect a new testing of this morning’s low. New pressure could easily push the price to a new low and thus extend the bearish trend. Potential lower targets are 0.440 and 0.435 levels.

Cardano chart analysis

The post Solana and Cardano: Cardano retreated below the 0.445 level appeared first on FinanceBrokerage.

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