Sunday, 16 April 2023
by Earn Media
Cardano rose to a fresh multi-month high on Saturday, as the token surged for a ninth consecutive session. The price is now up by over 15% in that time, cementing its place as the world’s seventh-largest cryptocurrency. Avalanche is also trading higher, hitting a two-month high in the process.
Cardano (ADA) once again extended a recent bull run, with the token climbing for a ninth straight day.
Following a low of $0.4274 during Friday’s session, ADA/USD rose by as much as 5% today, hitting a peak of $0.4581 in the process.
Saturday’s surge has sent ADA to its highest level since September 27, when the price was above $0.4600.
From the chart, it appears that the latest rise in price coincides with the relative strength index (RSI) moving past a key ceiling.
The aforementioned point of resistance was at the 72.00 mark, with the index currently tracking at 75.92.
Should price strength continue to move higher, an upcoming wall at the 80.00 mark could be a potential stumbling block.
In addition to ADA, avalanche (AVAX), was another notable gainer in the market to start the weekend.
AVAX/USD rallied to an intraday high of $19.51 on Saturday, a day after trading at a low of $18.52.
Similar to cardano, today’s move has sent avalanche to a multi-month high, with the token hitting its strongest point since February.
Overall, AVAX is currently on a seven-day winning streak, which was extended following a breakout of a ceiling at $18.50.
Price strength is now at a reading of 66.54, with an upcoming resistance point at the 70.00 mark.
Should it reach this target, there is a strong possibility that AVAX will be trading above $20.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect AVAX to climb for an eighth straight day on Sunday? Let us know your thoughts in the comments.