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Will It Kick In? Cardano (ADA) Brand New Support Level
The post Will It Kick In? Cardano (ADA) Brand New Support Level appeared on BitcoinEthereumNews.com. Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Contents Ethereum stays composed Cardano’s weird position Solana lost around 10% of its value in an unexpected manner. The asset that looked well-positioned for the rally after the preliminary approval of the Ethereum ETF is currently looking weaker than the rest of the market, and it’s not clear if it’s going to recover properly. Examining the chart, Solana experienced a sharp decline, dropping from around $176 to $164. This significant drop has brought SOL down to test its support level at $160, which has previously acted as a strong support area. If this level fails to hold, the next major support lies at $150, corresponding with the 200-day moving average (orange line). SOL/USDT Chart by TradingView On the resistance side, Solana faces immediate resistance at $176, a level it struggled to maintain before the recent drop. Above this, the next key resistance is around $190, where the 50-day moving average (blue line) currently resides. Breaking through these levels would be necessary for any substantial recovery. Several factors could be contributing to Solana’s decline. First, market sentiment following the Ethereum ETF approval has been mixed, with some assets benefiting while others like Solana suffer. Additionally, technical factors such as failing to maintain key resistance levels might have triggered stop-loss orders, accelerating the sell-off. For traders and investors, the…
The post Will It Kick In? Cardano (ADA) Brand New Support Level appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Contents Ethereum stays composed Cardano’s weird position Solana lost around 10% of its value in an unexpected manner. The asset that looked well-positioned for the rally after the preliminary approval of the Ethereum ETF is currently looking weaker than the rest of the market, and it’s not clear if it’s going to recover properly. Examining the chart, Solana experienced a sharp decline, dropping from around $176 to $164. This significant drop has brought SOL down to test its support level at $160, which has previously acted as a strong support area. If this level fails to hold, the next major support lies at $150, corresponding with the 200-day moving average (orange line). SOL/USDT Chart by TradingView On the resistance side, Solana faces immediate resistance at $176, a level it struggled to maintain before the recent drop. Above this, the next key resistance is around $190, where the 50-day moving average (blue line) currently resides. Breaking through these levels would be necessary for any substantial recovery. Several factors could be contributing to Solana’s decline. First, market sentiment following the Ethereum ETF approval has been mixed, with some assets benefiting while others like Solana suffer. Additionally, technical factors such as failing to maintain key resistance levels might have triggered stop-loss orders, accelerating the sell-off. For traders and investors, the…
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