Biggest Movers: Cardano Moves to 6-Week High, Climbing by Over 6% on Friday
Cardano moved to a six-week high on Friday, as consumer sentiment in the United States fell by more than expected. The University of Michigan’s monthly report fell to a reading of 62 in March, lower than the 63.2 sum markets were expecting. Chainlink also climbed, breaking out of a key resistance level. Cardano (ADA)
Cardano (ADA) surged to a six-week high in today’s session, as markets reacted to the latest University of Michigan consumer sentiment report.
Sentiment in the United States fell to a reading of 62 in March, from a final sum of 67 the month prior.
ADA/USD surged to a peak of $0.4025 earlier in today’s session, following a low of $0.3709 on Thursday. ADA/USD – Daily Chart
This move saw cardano climb to its strongest point since February 21, when the token reached a high of $0.4061.
Overall, the surge came as the 14-day relative strength index (RSI) moved beyond a ceiling at the 60.00 mark.
At the time of writing, the index is tracking at 63.67, which is close to a highest point of resistance at 64.00. Chainlink (LINK)
Chainlink (LINK) rebounded from Thursday’s losses in today’s session, with the token climbing by as much as 5%
Following a low of $7.17 yesterday, LINK/USD raced to an intraday high of $7.65 on Friday.
As a result of the rally, chainlink once again moved above its long-term resistance at $7.55, hitting a one-week high in the process. LINK/USD – Daily Chart
Looking at the chart, today’s breakout coincided with the RSI climbing past a ceiling of its own at 55.00
As of writing, the index is tracking at 57.54, which is marginally below a higher hurdle at the 58.00 point.
Should bulls move beyond this point, then there is a good chance that LINK will move towards $8.00.
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Do you expect chainlink to extend this rally into the weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Non-Fungible Token Sales Slid 31% Lower in March With $882 Million in NFT Sales MARKET UPDATES | 9 hours ago Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, ETH Under $1,800 MARKET UPDATES | 11 hours ago
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