Solana and Cardano: Cardano struggles with support at 0.250
The price of Solana fell below the 22.00 level yesterday, forming a low at the 21.61 level.
During the weekend, Cardano’s price was in a bearish consolidation with 0.268 levels.
Solana chart analysis
The price of Solana fell below the 22.00 level yesterday, forming a low at the 21.61 level. We stayed below for a short time, and the price returned above 22.00. After that, we managed to consolidate above and form today’s high at the 22.40 level. Then we pull back slightly to 22.20, looking for new support at that level. Now, we need another positive consolidation to drive the price to higher levels. Potential higher targets are 22.60 and 22.80 levels.
We encounter additional pressure in the EMA50 moving average around 22.60 levels. For a bearish option, we need a continuation of the negative consolidation and a new pullback below the 22.00 level. A fall below leads to increased pressure to continue on the bearish side and form a new lower low. Potential lower targets are 21.60 and 21.40 levels.
Cardano chart analysis
During the weekend, Cardano’s price was in a bearish consolidation with 0.268 levels. This led to a drop below the EMA50 moving average, which further added pressure on the price. Yesterday, we saw a continuation of drop Cardano at the 0.250 level. Today, we managed to stay above that level but remain in the pressure zone at 0.250. It is highly likely that we will see a breakout below and the formation of a new two-week low. Potential lower targets are 0.248 and 0.246 levels.
For a bullish option, we need a positive consolidation and a jump in the price of Cardano above the 0.256 level. There, we have additional resistance in the EMA50 moving average, and we need a break above for a more concrete bullish sign. Potential higher targets are the 0.258 and 0.260 levels.
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