The morning brought forth a robust bullish surge in the Solana price, notably hitting the $19.30 level. However, this ascent was relatively short-lived, and the price retraced to find support at the $18.60 level. At present, Solana appears to be consolidating within this range, with the downside movement halting. Adding to the pressure on the price is the presence of the EMA50 moving average around the $18.70 level.
To pave the way for a new bullish consolidation, a decisive bullish impulse driving the price to the $19.00 level is required. This would serve as the initiation point for an upward trend, with potential targets set at the $19.20 and $19.40 levels. Conversely, a bearish scenario necessitates a negative consolidation below the day's support at the $18.60 level. Should this occur, it could signal a continuation of Solana's price decline, with potential downside targets at $18.40 and $18.20 levels.
Cardano’s Price Dynamics: A Closer Look
In the morning session, Cardano's price retested the previous resistance level, reaching 0.252. However, it was met with resistance at this level, prompting a pullback towards the 0.247 support level. To shift the momentum in favor of the bulls, a fresh bullish surge leading the price above the 0.250 level is essential.
This move would position Cardano above the EMA50 moving average, receiving its support for further bullish endeavors. The next potential targets for the upside movement are identified at the 0.254 and 0.256 levels.
On the contrary, a bearish scenario entails a negative consolidation and price retracement below the 0.246 support level. In such a case, attention should be directed to the previous support zone around the 0.244 level. A decisive breach beneath this zone could indicate a more substantial price decline for Cardano, with potential lower targets at 0.242 and 0.240 levels. In both cases, prudent monitoring of price movements and key support and resistance levels remains crucial for traders and investors seeking to navigate the dynamic cryptocurrency markets.
