- Solana price managed to rise to 104.00 levels yesterday.
- Cardano price was declining yesterday from 0.545 to 0.500 levels.
Solana chart analysis
Solana price managed to rise to 104.00 levels yesterday. We stayed there for a while, and the price started to pull back to the 96.00 level. We get new support there, but the recovery is short, only reaching the 100.00 level. Additional pressure in that area creates the EMA50, which could influence us to see a continued pullback below the support at 96.00. Possible lower targets are 94.00 and 92.00 levels.
If we want to get back to the upside, we need to break above the EMA50 and 100.00 levels. After that, we need to hang in there to wait for the next bullish impulse to stimulate the recovery. We get support at the 50 moving average, potential higher targets are 104.00 and 106.00.
Cardano chart analysis
Cardano price was declining yesterday from 0.545 to 0.500 levels. Today, we are moving in a range of 0.500-0.520. The range of motion is narrow, so it can soon produce a strong push to one side. Since the downward pressure is more dominant, there is a greater chance of seeing a breakout below the support level. Possible downside targets are 0.480 and 0.460 levels. We cannot rule out the possible formation of a new bottom for this year.
We need a positive reinforcement and a return to the 0.540 level for a bullish option. There, we will retest the EMA50 in hopes of seeing a breakout higher and forming a new top for this week. Possible higher targets are 0.550 and 0.560 levels. We need better consolidation above the moving average if we want to continue the stronger uptrend.
