Solana and Cardano: Cardano retreated to the 0.575 level

• Last night, we saw a pullback in the Solana price to a support level of $100.15.
• Wednesday brought us a new drop in the price of Cardano to the 0.574 level. 

Solana chart analysis

Last night, we saw a pullback in the Solana price to a support level of $100.15. We successfully tested the $100.00 price and started a new positive consolidation that continues today. We had a small break at $105.00, but on the second attempt, we managed to move above and climb to the $107.10 level. We expect to see a continuation of this trend and move up to $108.00 and the EMA200 moving average.

If the price were to break above these two obstacles, it would have a good chance to start a stronger recovery. Potential higher targets are $109.00 and $110.00 levels. For a bearish option, we need the price to fall below $105.00 first. There, the pressure on the price would already begin to continue with further decline. Potential lower targets are the $104.00 and $102.00 levels.

Cardano chart analysis

Wednesday brought us a new drop in the price of Cardano to the 0.574 level. Fortunately, the decline was stopped there, and the price started a bullish consolidation and climbed to the 0.595 level. We had the first resistance there, but we made a breakthrough above and jumped to the 0.608 level in a new attempt. We now also have support in the EMA200 moving average. We expect to see further growth, and potential higher targets are the 0.610 and 0.615 levels.

We need a drop below the EMA200 and the 0.595 level for a bearish option. A move below increases the pressure on Cardano to continue its pullback. That brings us back to testing the support zone around the 0.580 level again. Potential lower targets are 0.575 and 0.570 levels.

The post Solana and Cardano: Cardano retreated to the 0.575 level appeared first on FinanceBrokerage.