Solana and Cardano: Cardano is back below the 0.600 level

Solana chart analysis

The price of Solana has already moved away from this week’s highs, dropping to $162.41 this morning. Yesterday’s bearish consolidation pushed the price below the EMA200 and $175.00 level. Today, we saw a continuation of that consolidation and a drop to a new low. We managed to get that support and recover to the $175.00 level. Here, we are again under pressure from the EMA200, which directs us to the bearish side.

The price is forced to pull back below $170.00 and look for new support. Potential lower targets are the $164.00 and $160.00 levels. If we could manage to move above the EMA200 and the $176.00 level, we would have a new opportunity to start a concrete bullish consolidation. Potential higher targets are the $178.00 and $180.00 levels.

Cardano chart analysis

This morning, the price of Cardano fell to the 0.569 level, forming a new March low there. After that, we initiated a recovery and growth up to the 0.610 level. We are currently consolidating around that level and expect to see a break above to a new high. Potential higher targets are the 0.620 and 0.630 levels. Additional resistance could be the EMA50 moving average in the zone around the 0.620 level.

We need negative consolidation and a Cardano price drop below the 0.580 level for the bearish option. This brings us back to testing this morning’s support level. With new pressure, the price could slip to a new low and thus confirm the bearish continuation. Potential lower targets are 0.560 and 0.550 levels.

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