Solana and Cardano: Cardano is back below the 0.600 level
- Solana price has already moved off this week's highs, falling to $162.41 this morning.
- This morning, Cardano price fell to the 0.569 level, forming a new March low there.
Solana chart analysis
Solana price has already moved off this week's highs, falling to $162.41 this morning. Yesterday's bearish consolidation pushed the price below the EMA200 and $175.00 level. Today we saw a continuation of this consolidation and a drop to a new low. We were able to get this support and recover to the $175.00 level. Here, we are again under pressure from the 200 moving average, which is pointing us to the downside.
The price is forced to retreat below $170.00 and look for new support. Possible lower targets are $164.00 and $160.00 levels. If we can move above the 200 EMA and the $176.00 level, we will have a new opportunity to start a tangible bullish consolidation. Possible higher targets are $178.00 and $180.00 levels.
Cardano chart analysis
This morning, Cardano price fell to the 0.569 level, forming a new March low there. After that, we started to recover and grow until the 0.610 level. We are currently consolidating around this level and expect to see a breakout to a new high. Possible higher targets are 0.620 and 0.630 levels. Additional resistance could be the EMA50 moving average in the area around the 0.620 level.
We need a negative reinforcement and Cardano price to fall below the 0.580 level for a bearish option. This brings us back to testing the support level this morning. Under new pressures, the price may slide to a new low, thus confirming bearish continuity. Possible downside targets are 0.560 and 0.550 levels.
The post Solana and Cardano: Cardano returns below 0.600 appeared first on FinanceBrokerage.
