Economy 27-03-2024 10:49 6 Views

Solana and Cardano: Cardano stumbles below the 0.650 level

Solana

Solana and Cardano: Cardano stumbles below the 0.650 level

  • The price of Solana retreated from yesterday’s high today to the $182.00 level. 
  • Cardano price retreated today to the 0.640 level at a new daily low. 

Solana chart analysis

The price of Solana retreated from yesterday’s high today to the $182.00 level. We were close to capturing the $200.00 level yesterday but stopped at $198.00. This was followed by a pullback first to the $185.00 level. Then, we saw an attempted recovery, but it was stopped at the $192.70 level. From there, we continue to fall all the way to today’s low.

Here, we encounter the EMA200 moving average, which successfully keeps us above it. This could push the price to initiate another positive consolidation and take us back to the $190.00 level. With that step, we start above the EMA50 and get its portion. After that, it will be much easier for us to start further recovery. Potential higher targets are $192.00 and $194.00 levels.

Solana chart analysis

Cardano chart analysis

Cardano price retreated today to the 0.640 level at a new daily low.  Additional pressure creates a drop below the EMA200 moving average. This could lead to a continuation of negative consolidation and a pullback below today’s low to a new one. Potential lower targets are 0.630 and 0.620 levels.

For a bullish option, we need a return above the EMA200 and the 0.650 level. This brings us back to the positive side. Then, we need a positive consolidation and a return to 0.665, the daily open price. A test and break above that level will strengthen the bullish momentum and push the price of Cardano. After that, we can expect the price to climb to a new daily high above the 0.670 level. Potential higher targets are 0.680 and 0.690 levels.

Cardano chart analysis

The post Solana and Cardano: Cardano stumbles below the 0.650 level appeared first on FinanceBrokerage.

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