Analysis of the prices of Cardano, Solana for 07/01/2021

Despite strong bearish pressure, buyers are buying back ADA near support levels.

ADA / USD

Cardano price is notwas able to set new highs after hitting a record of $ 2.47 in mid-May. Now the cryptocurrency appears to be stuck in consolidation.

Cardano fell below the downtrend andtraded below resistance levels. At the moment, the ADA is trading below the 38.2% fibbonacci at $ 1.34. ADA has not closed above the 50-SMA and 100-SMA since June 10 and 18, respectively.

If buyers can't stop the rushbears, the price of Cardano will test $ 1.15 and may drop to $ 1.00. On the other hand, if the bulls manage to push through resistance levels, the price could soar to the 100-day SMA at $ 1.44.

SOL / USD

Solana – one of the few cryptocurrencies that was able to demonstrate growth. During the day, the price of SOL increased by 5% to $34. 

The triangle on the 4-hour chart hints at the possibility of a price breakout to $ 50. If traders manage to maintain the uptrend, a spike in price could be the start of a new uptrend.

Subscribe to ForkNews on Telegram to keep abreast of news from the world of cryptocurrencies

Based on materialshttps://t.me/fork_news