Solana and Cardano: Cardano has recovered to the EMA 200
- On Wednesday, the price of Solana fell to a new weekly low of $140.55
- Today, the Cardano price climbed to the 0.365 level, where it is meeting resistance at the EMA 200 moving average
Solana chart analysis
On Wednesday, the price of Solana fell to a new weekly low of $140.55. After receiving new support at that level, a bullish consolidation was initiated that continues today. We are currently at $145.70 and expect to see further continuation to the bullish side. A move above $148.00 will see the price gain support from the EMA 50 moving average, a key technical indicator used to identify potential price trends. Potential higher targets are $150.00 and $152.00 levels.
For a bearish option, we need a negative consolidation of Solana’s price back to the $142.00 support level. With that, we go below the daily open price, which will increase the pressure on the price to begin a further pullback to the bearish side. Potential lower targets are $142.00 and $140.00 levels.
Cardano chart analysis
Today, the Cardano price climbed to the 0.365 level, where it is meeting resistance at the EMA 200 moving average. For now, we fail to move above and create a new daily high. That could trigger another pullback down to 0.355 and the EMA 50 moving average. After that, the Cardano price would be under pressure to return to the previous bearish trend.
Potential lower targets are the 0.350 and 0.345 levels. For a bullish option, we need a breakout of the Cardano price above the EMA 200 and the 0.365 level. Then, it is necessary to maintain up there in order to continue on the bullish side. With the support of the moving average, it will be easier for us to initiate a bullish consolidation. Potential higher targets are the 0.370 and 0.375 levels.
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