Cardano & This Popular Altcoin is Heading for 20% Pullback—Can Bulls Prevent Excess Price Drain?

The post Cardano & This Popular Altcoin is Heading for 20% Pullback—Can Bulls Prevent Excess Price Drain? appeared first on Coinpedia Fintech News

The crypto markets are displaying diverse sentiments. While the trader’s sentiments for some of the tokens remain uncertain, for other’s it’s just bullish. In the meantime, some of the primitive tokens, like Cardano & Solana, are facing tough times and are expected to lose more gains in the coming days. With this, the bulls may get a good entry as the prices of ADA & SOL continue to remain under bullish influence in the long term. 

Cardano (ADA) Price Analysis

Cardano is testing some crucial support levels, losing which the token is believed to undergo a hefty 15% pullback. The ADA price has begun to swell after prolonged consolidation, and hence it can be assumed that the market participants may have extracted profits after a pretty long wait. However, the price is expected to trigger a strong rebound after the selling pressure fades off with lower selling volume. 

As seen in the above chart, the ADA price is trading within an ascending triangle in the short term and is trying hard to defend the ascending support. With this, the token has entered a decisive phase and a close below $1.10 signals a trend shift, while a drop under $1.03 could confirm a bearish breakdown to $0.88. However, the technicals remain in bullish favor, which suggests the bulls to enter the ring anytime from now and revamp a strong ascending trend towards a new ATH. 

Solana (SOL) Price Analysis

The Solana price was expected to be one of the most dominant altcoins during the ongoing bullish action, with the price targets above $300 in the short term and above $500 in the long term. However, a major shift in market sentiments appears to have occurred, according to which the price is now feared to plunge back to $200 if bulls fail to defend the support at $220. 

The SOL price is now testing the neckline of the head and shoulder pattern, which is flashing massive bearish signals. Besides, the price is trading between the base & conversion lines of the Ichimoku cloud, and it appears that the levels are heading towards a bearish crossover, flipping the cloud to bearish and triggering a sell signal. The descending RSI also validates a bearish claim along with a major drop in volume. 

Therefore, the prices of Cardano & Solana are heading towards the lower support by losing nearly 15% of its value. If the bulls fail to hold the levels, more bearish action may occur.