Yesterday we saw how the price of Solana received support at the 15.80 level, and from then on, it started a bullish consolidation. The price of Cardana formed a new seven-day high today at the 0.2823 level. Yesterday we saw how the price of Solana received support at the 15.80 level, and from then on, it started a bullish consolidation. The price then jumped to the 17.20 level, forming a new high. We are currently consolidating above 16.80 and trying to stabilize there. If we succeed, we will start to continue the recovery. Potential higher targets are 17.50 and 17.75 levels.
We need a negative consolidation and pullback below the 16.50 level for a bearish option. After that, we look at the 16.00 level because that’s where we come across the EMA50 moving average as additional support at that point. The drop below signifies further price weakening and descent to lower levels. Potential lower targets are 15.50 and 15.00 levels.
Cardano analysis
The price of Cardana formed a new seven-day high today at the 0.2823 level. Yesterday we saw a bullish consolidation from the 0.2525 level to above the 0.2700 level. At that level, Cardano crosses above the EMA50 and receives its support for continued recovery. Now we expect a continuation of the bullish consolidation, and the potential higher targets are the 0.2850 and 0.2900 levels.
We need a negative consolidation and pullback to the 0.2700 level for a bearish option. A price break below would increase uncertainty, and we would likely see a further decline to lower support. Potential lower targets are the 0.2600 and 0.2500 levels.
