Solana and Cardano: New lows and targets for Thursday
This morning, Solana dropped to a new weekly low of $137.55
Last night, Cardano’s price fell to a new weekly low at the 0.334 level
Solana chart analysis
This morning, Solana dropped to a new weekly low of $137.55. After that, the price finds support at that level and recovers to the $140.00 level. We need stronger momentum to continue this small, bullish consolidation. At $142.00, we will try to move above the EMA 50 moving average and get its support. If Solana succeeds in this, the bullish momentum for the continuation of further recovery will increase.
Potential higher targets are $144.00 and $146.00 levels. We will have an additional obstacle in the EMA 200 moving average around the $144.00 level. For a bearish option, Solana needs to initiate a new bearish consolidation below $138.00, which is this morning’s support level. With that step, we move to a new weekly low and strengthen the bearish momentum. Potential lower targets are $136.00 and $134.00 levels.
Cardano chart analysis
Last night, Cardano’s price fell to a new weekly low at the 0.334 level. After forming a new low price, it managed to stabilize itself and start a recovery. The daily high was formed at the 0.342 level. We have a slight bullish consolidation and can expect to continue on the bullish side. If the price rises to 0.345, it will receive support from the EMA 50 moving average.
Optimism for further bullish recovery grows with the new support. Potential higher targets are 0.350 and 0.355 levels. We expect additional major resistance in the 0.355 zone in the EMA 200 moving average. For a bearish option, we need a negative consolidation and a pullback of the Cardano price below the 0.335 level. This will bring us down to a new weekly low and confirm the continuation to the bearish side. Potential lower targets are 0.330 and 0.325 levels.
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