Economy 28-05-2024 11:12 7 Views

Solana and Cardano: Cardano is back below the 0.455 level

Solana

Solana and Cardano: Cardano is back below the 0.455 level

  • The Solana price was retreating to the $160.36 level during the weekend.
  • Cardano’s price moved in the 0.455-0.465 range during the weekend.

Solana chart analysis

The Solana price was retreating to the $160.36 level during the weekend. This is where we formed last week’s low. After that, the price consolidates there and initiates a positive consolidation. On Monday, we see continued growth and strong bullish consolidation up to $172.12. This week’s high was formed at that place, and we have resistance in that zone for now. 

This morning, we had a new attempt to break that level, but we failed and a bearish consolidation started below the EMA200 moving average. The price of Solana retreated to the $165.00 level and is currently moving slightly above. The pressure increased with a drop below the EMA50 and EMA200, which could negatively affect future movement. Potential lower targets are $164.00 and $163.00 levels.

Solana chart analysis

 

Cardano chart analysis

Cardano’s price moved in the 0.455-0.465 range during the weekend. The weekend was fairly quiet, and we saw the first increase in volatility on Monday. The price broke out of the previous range and formed a new high at the 0.475 level. We did not manage to advance any further and stopped there. After that, Cardano loses its bullish momentum and begins to retreat. 

Increased price pressure occurred this morning when we broke below the EMA200 moving average. That strengthened the momentum, and the price formed a new weekly low at the 0.453 level. We have remained very close to that level, slightly recovering to 0.455. We also fell below the weekly open price, keeping us on the downside. Potential lower targets are 0.450 and 0.445 levels.

Cardano chart analysis

 

The post Solana and Cardano: Cardano is back below the 0.455 level appeared first on FinanceBrokerage.

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