In short: Cardano (ADA) gained by 3% after breaking a significant resistance level. The upward trend was indicated by a 10-day moving average crossing 25-day moving average. If the relative strength index (RSI) breaks the current resistance level, ADA could potentially reach $0.3800. Solana (SOL) also surged in today's session but momentum has weakened as bulls have secured earlier gains. RSI nearing the resistance level of 55.00 and in the event it crosses that hard line, bullish pressure may increase.
Our quick analysis:
Cardano (ADA) and Solana (SOL) have been making headlines lately, and for good reason. Despite a four-day losing streak, ADA snapped a key resistance level and rose by 3% in today's session. Meanwhile, SOL collided with a significant resistance level after surging from its Thursday low at $20.38 to a peak at $21.30.
For ADA, the rally resulted in the 10-day moving average crossing over its 25-day counterpart, which typically signals a start of a bull run. Additionally, the RSI rose considerably and is tracking at 50.91, with a strong chance of moving towards the $0.3800 mark if the resistance level at 52.00 is broken.
As for SOL, the RSI is currently tracking at 53.64 and could cross the hard line at 55.00 if bullish pressure increases. However, momentum has somewhat weakened as bulls secured earlier gains, leading traders to act more tentatively.
Will the bulls follow and drive both ADA and SOL to new heights? Only time will tell. In the meantime, traders are keeping a close eye on economic data and the movements of these two cryptocurrencies.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Cardano (ADA) and Solana (SOL) have been making headlines lately, and for good reason. Despite a four-day losing streak, ADA snapped a key resistance level and rose by 3% in today's session. Meanwhile, SOL collided with a significant resistance level after surging from its Thursday low at $20.38 to a peak at $21.30.
For ADA, the rally resulted in the 10-day moving average crossing over its 25-day counterpart, which typically signals a start of a bull run. Additionally, the RSI rose considerably and is tracking at 50.91, with a strong chance of moving towards the $0.3800 mark if the resistance level at 52.00 is broken.
As for SOL, the RSI is currently tracking at 53.64 and could cross the hard line at 55.00 if bullish pressure increases. However, momentum has somewhat weakened as bulls secured earlier gains, leading traders to act more tentatively.
Will the bulls follow and drive both ADA and SOL to new heights? Only time will tell. In the meantime, traders are keeping a close eye on economic data and the movements of these two cryptocurrencies.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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