Economy 08-05-2024 12:04 6 Views

Solana and Cardano: Solana is testing the EMA200 at $145.00

Solana and Cardano: Solana is testing the EMA200 at $145.00

The price of Solana failed to reach the $160.0 level yesterday.  The price of Cardano fell to a new weekly low this morning at the 0.437 level. 

Solana chart analysis

The price of Solana failed to reach the $160.0 level yesterday. It stopped at $159.18, followed by bearish consolidation and a drop to $145.00. We will try to get support from the EMA200 moving average here, and if we fail, a continuation to the bearish side will follow. Potential lower targets are the $140.00 and $135.00 levels.

For a bullish option, we need EMA200 support and to hold above the $145.00 level. If we succeed in this, we can hope to see the initiation of positive consolidation and the release of bearish pressure. With the return above $150.00, we also get support from the EMA50 moving average, which further supports the bullish option. Potential higher targets are $152.50 and $155.00 levels.

Cardano chart analysis

The price of Cardano fell to a new weekly low this morning at the 0.437 level. Since then, we haven’t moved much and are hovering around the 0.440 level. Bearish pressure is still current, and we can expect a drop to a new daily low. Potential lower targets are 0.435 and 0.430 levels. Last week’s low price of Cardana was at the 0.418 level.

For a bullish option, we need a positive consolidation and stabilization above the 0.445 level to begin with. After that, we will form a bottom there, and from there we can expect a continuation to the bullish side. Potential higher targets are 0.450 and 0.455 levels. Additional higher price resistance of Cardano could be found in the EMA200 and the 0.455 zone. If we climb above 0.460, we return to the positive side by moving above the weekly open price.

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