Biggest Movers: ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data
Cardano raced to an 11-week high on Thursday, as markets reacted to data showing that gross domestic product in the U.S. rose by 2.9%. The token rose by as much as 5% earlier in the day, climbing to its strongest point since November. Monero was also in the green, nearing a key resistance level in the process.
Cardano (ADA) rebounded on Thursday, with prices moving to an eleven-week high in the process.
Following a low of $0.3537 on Wednesday, ADA/USD rose to an intraday high of $0.3866 earlier today.
As a result of this, cardano rose to its strongest point since November 8, which is the last time prices were above $0.4100.
Looking at the chart, ADA has moved lower from earlier gains, as traders appear to have taken profits near a ceiling of $0.3875.
As of writing, the token is trading at $0.3774, with the 14-day relative strength index (RSI) near a resistance of its own at 74.00.
The index, which is currently tracking at 69.22, will likely need to move past the 74.00 point in order for ADA jump over the $0.3875 hurdle.
In addition to ADA, monero (XMR) also surged earlier in the day, as it edged closer to a key resistance level.
XMR/USD moved to a peak of $178.15 earlier in the day, which comes less than a day after falling to a low of $169.84.
Today’s surge sent monero closer to its long-term resistance level at $180.00, which was last broken on Sunday.
As can be seen from the chart, the relative strength index (RSI) is currently hovering below a ceiling of its own at 65.00, with a current reading of 63.25.
In order for bulls to take XMR back above the $180.00 level, price strength will first need to surpass the 65.00 mark.
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