Solana and Cardano: Solana trying to hold at $176.00 level

Solana chart analysis

Yesterday, we saw the formation of the lower high price of Solana at the $183.46 level. It confirmed that the price is slowly coming under bearish pressure and that we can see a pullback. That happened in the following hours, and the price retreated to the $176.00 level. Today, we are moving in the zone of that level, and we have the EMA50 moving average pressure from the upper side. There is a good chance that we will continue to fall further and find new support. 

Potential lower targets are $174.00 and $172.00 levels. In the zone of the $170.00 level, we will test the weekly open price and the EMA200 moving average. We need an impulse above the EMA50 and $180.00 for a bullish option. With that step, we are starting a new positive consolidation and expect a continuation on the bullish side. Potential higher targets are $182.00 and $184.00 levels.

Cardano chart analysis

Turning to Cardano, its price pulled back to the 0.474 support level yesterday. Here, it encountered the EMA200 moving average, which effectively halted further retreat. This led to a bullish consolidation, propelling us up to the 0.488 level today. We are currently testing the EMA50 moving average and anticipating a new impulse to move us above. Potential higher targets are the 0.490 and 0.495 levels, providing a comprehensive view of the potential upward movement.

We need a negative consolidation and a new decline from 0.475 and the EMA200 moving average for a bearish option. This brings us back to yesterday’s support zone, and we will apply new pressure. This could lead to a break below to a new low, confirming the current bearish momentum. Potential lower targets are 0.470 and 0.465 levels.

The post Solana and Cardano: Solana trying to hold at $176.00 level appeared first on FinanceBrokerage.