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Monday, December 4, 2023

Solana and Cardano: Solana is holding above the 23.00 level

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Cardano

Solana and Cardano: Solana is holding above the 23.00 level

  • Today, we see a pullback in the Solana price to 22.80.
  • The price of Cardano fell to the 0.253 level this morning, forming a new low there.

Solana chart analysis

Today, we see a pullback in the Solana price to 22.80. Yesterday, we tried to break above the 24.80 level and reach the 25.00 level, but we did not succeed in that intention. Conversely, a pullback to this morning’s low followed. The price remains still under pressure because we only moved up to the 23.10 level. We need a positive consolidation in order to launch a bullish option. Potential higher targets are 23.50 and 24.00 levels.

We need a negative consolidation and a new drop below the 22.80 support level for a bearish option. A break below leads to the formation of a new low and confirmation of a bearish option. Potential lower targets are 22.50 and 22.00 levels. Additional support in the zone around 22.00 was the EMA50 moving average.

Solana chart analysis

Cardano chart analysis

The price of Cardano fell to the 0.253 level this morning, forming a new low there. After that, we saw a slight recovery, which stopped at 0.258. We are supported by the EMA50 moving average, but the price remains under bearish pressure. This could lead to a breakout below and a continuation of the pullback to lower levels. Potential lower targets are 0.252 and 0.250 levels.

We need a positive consolidation and a break above the 0.258 resistance level for a bullish option. Then, we would have to hold up there in order to form a new bottom from which we would start a bullish recovery. Potential higher targets are 0.260 and 0.262 levels.

Cardano chart analysis

 

The post Solana and Cardano: Solana is holding above the 23.00 level appeared first on FinanceBrokerage.

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