Trading Ideas

Solana rose to $174.61 while Cardano rises to a new high

Solana

Solana rose to $174.61 while Cardano rises to a new high

  • The price of Solana rose to the $174.61 level, forming a new weekly high there.
  • The price of Cardano has just formed a new weekly high at the 0.809 level.

Solana chart analysis

The price of Solana rose to the $174.61 level, forming a new weekly high there. The prices of the week are in a strong bullish trend supported by the EMA50 and 200 moving averages. Yesterday, the price received the required support at $150.00, after which we continued above the $160.00 level. In the previous hour, we broke above $170.00 and jumped to the weekly high.

We expect to see a continuation to higher levels; potential higher targets are $176.00 and $180.00. We need a pullback below the $168.00 level for a bearish option, where we had the previous consolidation. After that, we are looking at the $164.00 level, the daily open price. By falling below, we form a new daily low and thereby confirm the dominance of the bearish option. Potential lower targets are the $160.00 and $155.00 levels.

Solana chart analysis

Cardano chart analysis

The price of Cardano has just formed a new weekly high at the 0.809 level. In the previous hour, we made a break above the previous high from Monday at 0.789. This morning, we saw price consolidation in the 0.740-0.770 range with support from the EMA200 moving average. After that, the price breaks above the upper level of this channel and rises to a new high.

For now, we are still holding high and expect a continuation on the bullish side. Potential higher targets are the 0.810 and 0.820 levels. We need a pullback of the Cardano price below the 0.780 level for a bearish option. This puts us back under bearish pressure, which could negatively impact further price movements. Potential lower targets are the 0.770 and 0.760 levels.

Cardano chart analysis

The post Solana rose to $174.61 while Cardano rises to a new high appeared first on FinanceBrokerage.

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