Solana retreats to 54.00, while Cardano falls to 0.370

Solana chart analysis

On Saturday, we saw an attempt by the Solana price to reach 60.00 levels. We failed in that intention, and the jump stopped at 59.80. From there, the price starts a bearish consolidation, dropping below the 57.00 level and the EMA50 moving average on Monday. Last night, we saw the formation of this week’s low at the 53.47 level. We managed to get support at that level and recover above the 55.00 level.

We need a continuation of the current positive consolidation for a further bullish option. Potential higher targets are 56.00 and 56.50 levels. Additional resistance in the EMA50 moving average has now fallen to the zone around the 56.50 level. We need a negative consolidation and a pullback below the 54.00 previous support level for a bearish option. A drop below confirms a bearish presence and potential lower targets are the 53.50 and 53.00 levels.

Cardano chart analysis

Over the weekend, Cardano’s price failed to move above the 0.400 level; a price pullback followed the check. On Monday, we saw a price drop below the 0.380 and EMA50 moving average. Today, we saw a continuation all the way to support at the 0.370 level. For now, we managed to stop the decline and recover to the 0.375 level. We need a continuation of the positive consolidation and a return to the 0.380 level and the EMA50 moving average.

For a more concrete bullish trend, a breakthrough above that resistance zone is needed so that we can continue the Cardano price recovery to higher levels. Potential higher targets are 0.385 and 0.390 levels. We need a negative consolidation and a price drop below the 0.370 support level for a bearish option. Thus, we would have the opportunity to form a new low and confirm the bearish option. Potential lower targets are the 0.365 and 0.360 levels.

The post Solana retreats to 54.00, while Cardano falls to 0.370 appeared first on FinanceBrokerage.