Trading Ideas

Solana and Cardano: Solana returns to the 20.60 level

solana

Solana and Cardano: Solana returns to the 20.60 level

  • The price of Solana is in a bearish trend for the second day, with a bottom at the 20.60 level.
  • Cardano’s price dropped to 0.260 level yesterday.

Solana chart analysis

The price of Solana is in a bearish trend for the second day, with a bottom at the 20.60 level. Today, we are moving in the 20.60-20.80 range. Bearish pressure is still present on the chart, which could influence the price to continue its retreat. We need a break below the 20.60 support level, and that would confirm the bearish option. Potential lower targets are 20.40 and 20.20 levels.

For a bullish option, we need a positive consolidation and a return of Solana above the 21.00 level. Additional pressure at that level creates the EMA50 moving average. If we do that, we will be in a good position to start the continuation of the recovery. Potential higher targets are 21.20 and 21.40 levels.

Solana Chart Analysis

Cardano chart analysis

Cardano’s price dropped to 0.260 level yesterday. There, we got support and started a bullish consolidation. The recovery has lifted the price to the 0.267 level, and for now, we are encountering resistance there. Around the 0.265 level, we have the EMA50 moving average, which is neutral for now. We need a break above the 0.270 level, move out of the uncomfortable zone and continue the recovery. Potential higher targets are 0.275 and 0.280 levels.

We need a negative consolidation and a drop below the 0.260 support level for a bearish option. A break below would mean opening the bearish side for a further decline in the price of Cardano. Potential lower targets are the 0.255 and 0.250 levels.

Cardano chart analysis

The post Solana and Cardano: Solana returns to the 20.60 level appeared first on FinanceBrokerage.

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