Cardano and Solana: today’s losers – no trend reversal in sight

Investing.com – Cardano and Solana are the two biggest losers today among the top ten cryptocurrencies, with prices falling by more than 10%.

Solana’s outlook on the daily chart

On the daily chart, it can be seen that Solana’s rally recently failed at the 50 percent Fibo retracement level of $ 204.12. The ensuing downward movement has already resulted in a lasting break below the 38.2 percent Fibo retracement of $ 190.96.

The negative momentum has increased significantly and the price is currently testing the 23.6% Fibo retracement of $ 174.68. The latter will determine in the near term whether we can expect a rebound towards the 50 percent Fibo retracement in the next few days or whether losses will be deepened to the recent low of $ 148.38.

Outlook for Cardano on the daily chart

Equally dire is Cardano’s situation, as can be seen from the daily chart. The recent breakout above the 78.6% Fibo retracement of $ 1.4657 appears to be a false breakout.

Against this backdrop, the likelihood of the negative momentum continuing towards recent lows around $ 1.18 increases. Should a fall below this support zone, expect losses in the direction of $ 1.0211.

It is questionable whether Cardano will be able to defend its place in the top 10 cryptocurrencies. Arcane Research has released a report that Cardano will lose its place in the top 10 major cryptocurrencies next year. Fast growing coins like will move up the leaderboard instead.

By Marco Oehrl

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