Tron rose for a fourth consecutive session on Monday, pushing the token to an eleven-month high. The move comes despite current sentiment of uncertainty in the cryptocurrency market. Cardano was also higher, snapping a losing streak in the process.
Biggest Movers: TRON Nears 1-Year High, Whilst ADA Snaps 4-Day Bear Run
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TRON ( TRX)
Tron ( TRX) rose close to an eleven-month high to start the week, following a recent four-day bull run.
TRX/USD rose to a peak of $0.07841 earlier in the day, which comes a day after trading at a low of $0.07271.
As a result of Monday’s move, TRON climbed to its strongest point since June 10 last year.
One of the catalysts of the surge appears to be a breakout which transpired on the relative strength index ( RSI).
The index moved beyond the ceiling of 69.00, and as of writing, is tracking at 77.17.
Now in overbought territory, there could be some profit taking, however a target of $0.080 still remains a possibility.
Cardano ( ADA)
Whilst TRX has now risen for a fourth day, cardano ( ADA) ended a four-session losing streak on Monday.
Following a low of $0.3573 on Sunday, ADA/USD rose by as much as 2% today, hitting a high of $0.3732.
Today’s rebound in price came as bulls seemingly rejected a breakout of a floor at the $0.3570 mark.
This came as the RSI also held firm at a key point of support, with price strength moving away from the 40.00 mark.
As of writing, the index is now tracking at 44.29, with a ceiling at 49.00 a possible target for ADA bulls.
If this zone is reached, there is a relatively good chance cardano will be trading above $0.3800.
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What has been behind today’s rally in cardano and tron? Let us know your thoughts in the comments.
