Solana and Cardano: Cardano moved to a new weekly high
- The price of Solana fell to $138.80 yesterday, a new weekly low
- Last night, the price of Cardano rose to the 0.378 level, a new weekly high
Solana chart analysis
The price of Solana fell to $138.80 yesterday, a new weekly low. A quick consolidation from that level triggered a recovery to $144.00. In this zone, the price met the EMA 200 moving average, which was a resistance to our advance to the bullish side. Another pullback followed this morning, but this time only to the $140.00 level. The current movement is at the $143.00 level, and we are waiting for a new test of the EMA 200 moving average.
This time, we hope to see a break above and a new high for Solana. A bounce above $145.00 should be enough to consolidate above the EMA 200 moving average. Potential higher targets are $146.00 and $147.00 levels. For a bearish option, we need a bearish consolidation below the $142.00 level. With that step, we move below the weekly open price. It will have a negative effect and increase the pressure on Solana’s price. Potential lower targets are $141.00 and $140.00 levels.
Cardano chart analysis
Last night, the price of Cardano rose to the 0.378 level, a new weekly high. At that level, we stopped and started a pullback that is still current today. This morning, a daily low was formed at the 0.365 level. We managed to form a new low here and recover to the daily open price of 0.370. We hope for a bullish impulse that would move above and strengthen the growing momentum. Potential higher targets are the 0.375 and 0.380 levels.
For a bearish option, we need a negative consolidation of the Cardano price below today’s low. This will form a new and confirm a bearish momentum on the price. The pullback and testing of the lower levels remains to be seen. Potential lower targets are 0.360 and 0.355 levels. Additional support could be found in the EMA 50 moving average at 0.360.
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