Solana and Cardano: Cardano holds above 0.2550 level
- The Solana price managed to move above the EMA50 moving average yesterday.
- Cardano’s price is still holding above the 0.2550 support level.
Solana chart analysis
The Solana price managed to move above the EMA50 moving average yesterday. This positively affected the trend, and we see the formation of a new high at the 16.30 level. For now, we have resistance there, and the price is making a pullback to the 15.90 level, testing the EMA50 moving average and its support. If we manage to stay above, we will have a good position to continue on the bullish side. Potential higher targets are 16.50 and 16.75 levels.
We need a drop below the EMA 50 to the 15.50 level for a bearish option. After that, we could expect an increase in price pressure and a continued retreat to lower support levels. Potential lower targets are 15.25 and 15.00 levels.
Cardano chart analysis
Cardano’s price is still holding above the 0.2550 support level. Already for the fifth day in a row, we are fighting to stay on top and begin recovery. Yesterday’s bullish trend stopped at the 0.2650 level, and the price then fell to the support zone. Today we have a new opportunity to get hold of yesterday’s high. If we succeed in that intention, it would also be good for the consolidation to move above that level.
Potential higher targets are 0.2700 and 0.2750 levels. We will have additional price resistance at the 0.2700 level in the EMA50 moving average, and we would need a break above to continue up. We need a negative consolidation and a drop to the 2,500 support level for a bearish option. A break below would mean we see a further pullback and testing of lower support levels. Potential lower targets are 0.2450 and 0.2400 levels.
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