Solana and Cardano: Cardano drops to 0.400 on Saturday

• A new low price of Solane was formed on Saturday at the $121.88 level. 
• Last week we saw signs of Cadrano price weakness that materialized over the weekend. 

Solana chart analysis

A new low price of Solane was formed on Saturday at the $121.88 level. The price began to retreat on Friday, falling below the $175.00 level and the EMA200 moving average. It only increased the pressure on the price to increase the bearish pressure and start a pullback. On Saturday, we fell to the lowest point in the last month. After that, we see recovery and growth above the $140.00 level. On Monday, the price continued its recovery to the $156.30 level, stopping there.

We failed to continue the growth; a bearish consolidation was initiated, and a drop to the weekly low at the $132.00 level. For now, we are holding above that level and pulling back to $138.00. We need a stronger bullish consolidation in order to return more seriously to the bullish side. Potential higher targets are the $140.00 and $145,000 levels. In the zone around $145.00, we will pay attention to the EMA50 moving average, as it could be an obstacle to further recovery.

Cardano chart analysis

Last week we saw signs of Cadrano price weakness that materialized over the weekend. On Friday, the price makes its first major pullback from 0.590 to 0.450. On Saturday, we saw an attempt to recover to the 0.500 level. There we encounter new resistance and initiate a pullback to a new monthly low at the 0.400 level. After stopping the decline and gaining support at that level, Cardano starts a recovery, stabilizing above the 0.440 level.

Yesterday, we climbed up to 0.496 and were close to reaching the 0.500 level. New bearish pressure pushes the price down to the support zone at 0.440, after which we remain above it. Today, we look at slightly bullish consolidation and recovery above the 0.470 level. We have the support of the EMA50 moving average and hope that it will help us in further recovery. Potential higher targets are 0.500 and 0.520 levels.