Connect with us

Hi, what are you looking for?

Trading Secrets

Solana Retreats as Cardano Shows Resilience This Week

Solana Retreats as Cardano Shows Resilience This Week

Today, we are looking at the pullback of Solana’s price from 69.00 to 64.00. Yesterday, the price of Cardano spent the day retreating from 0.600 to 0.560 levels.

Solana chart analysis

Today, we are looking at the pullback of Solana’s price from 69.00 to 64.00. At the 69.00 level, the price formed a new lower high compared to the previous day and began to retreat to a new lower low at the 64.00 level. Both levels indicate that Solana is losing strength and that it is possible to continue pulling back to the bearish side. A move below the EMA50 moving average also exerts additional pressure on the price. Potential lower targets are 63.00 and 62.00 levels.

We would have to return to the 69.00 level for a bullish option. Next, we need a breakout above and hold above. With a new impulse, we would start a positive consolidation and start a recovery on the bullish side. Potential higher targets 70.00 and 71.00 levels.

Cardano chart analysis

Yesterday, the price of Cardano spent the day retreating from 0.600 to 0.560 levels. After that, we see a slight recovery to 0.580, where we encounter a new resistance and start a pullback, which today forms a low at the 0.540 level. It is positive that the fall was stopped there, and the price of Cardano formed a higher low, thus hinting at a potential recovery. It is still early for such a thing because we need to move above the 0.600 level again, if we plan to see more concrete growth at higher levels. Potential higher targets are 0.620 and 0.640 levels.

We would have to return to the 0.540 level for a bearish option and test support there again. A break below would take us down to the 0.520 level, where we would have a new test of the EMA50 moving average. If we don’t manage to stay above, the price will slip below and form a new low for this week. Potential lower targets are 0.500 and 0.480 levels.

The post Solana Retreats as Cardano Shows Resilience This Week appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...

    Trading Secrets

    I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...