Biggest Movers: ADA Rebounds, While FIL Hits 2-Week High on Saturday
Despite a largely volatile session, there have been a few tokens which managed to evade the red wave. Cardano rose to its highest level in over a week to start the weekend, as prices moved toward a key resistance level. Filecoin was another notable gainer, climbing by over 12% on Saturday Cardano (ADA)
Cardano (ADA) was back in the green on Saturday, as the token rallied following recent declines in price.
Following a low of $0.4499 on Friday, ADA/USD surged to an intraday high of $0.4769 to start the weekend.
The move sees cardano move closer to its long-term resistance level of $0.4800, as bulls take prices away from a floor of $0.4430. ADA/USD – Daily Chart
Looking at the chart, the rally comes as the 10-day moving average (red) continues to trend sideways, after a spell of downward movement.
This signals a possible end to the bearish spell we saw in mid-August, where price went from $0.5811 to $0.4343 in a space of four days.
As of writing, ADA is now trading at $0.4742, with the 14-day relative strength index (RSI) tracking at a ceiling of 50.00. Filecoin (FIL)
Filecoin (FIL) was also higher on Saturday, as the token rose by as much as 12% to start the weekend.
FIL/USD surged to a high of $6.59 on Saturday, which is the strongest point it has hit since August 20.
This surge in price sees FIL marginally break out of its resistance level of $6.50 for the first time in over two weeks. FIL/USD – Daily Chart
As seen from the chart, this rise in price has taken the RSI to a ceiling of its own at 50.65, and should bulls look to extend today’s gains, then this point will need to be broken.
If this does occur, we could see filecoin move closer to the $7.00 mark, with the possibility of recapturing $8.00 also on the cards.
Register your email here to get weekly price analysis updates sent to your inbox:
Tags in this story $FIL, ada, Analysis, Cardano, Filecoin
Do you believe filecoin will hit $8.00 in the coming days? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Crypto Economy Loses $102 Billion in 30 Days — BTC, SOL Shed the Most Losses MARKET UPDATES | 8 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Below $20,000 and $1,600 Respectively, on Saturday MARKET UPDATES | 12 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com Previous articleBitcoin, Ethereum Technical Analysis: BTC, ETH Below $20,000 and $1,600 Respectively, on Saturday Next articleCrypto Economy Loses $102 Billion in 30 Days — BTC, SOL Shed the Most Losses Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design