Economy 06-06-2024 11:48 3 Views

Solana and Cardano: Solana under pressure at $171.50

Solana

Solana and Cardano: Solana under pressure at $171.50

  • On Wednesday, the price of Solana rose to the $175.62 level, a new weekly high. 
  • Cardano price continues to move under pressure in the 0.460 zone. 

Solana chart analysis

On Wednesday, the price of Solana rose to the $175.62 level, a new weekly high. After that, we watched a pullback to support at  $171.50. There we find additional support in the EMA50 moving average. For now, we managed to stay above that level and recover slightly to $172.80. We could move above the $175.00 level if further positive consolidation continues.

Potential higher targets are $176.00 and $177.00 levels. We need a pullback below the EMA50 and the $171.00 level for a bearish option. With that step, we descend to a new daily low and confirm the bearish momentum. Potential lower targets are the $170.00 and $169.00 levels. The EMA200 moving average is waiting for us in the zone of the $169.00 level.

Solana chart analysis

 

Cardano chart analysis

Cardano price continues to move under pressure in the 0.460 zone. We find support in the EMA200 moving average at the 0.457 level, and for now, we are successfully holding above it. The pressure on the price is because it is below the daily open price, on the negative side. This could influence us to see a new impulse below the EMA200 and the formation of a new daily low.

Potential lower targets are 0.455 and 0.450 levels. Holding above the moving average means Cardano has enough strength to trigger another bullish consolidation. Returning to the 0.465 zone will put pressure on the weekly resistance zone. An impulse above would break that zone and send us to a new weekly high. Potential higher targets are 0.470 and 0.475 levels.

Cardano chart analysis

 

The post Solana and Cardano: Solana under pressure at $171.50 appeared first on FinanceBrokerage.

Other news