Biggest Movers: Cardano Moves to 6-Week High, Climbing by Over 6% on Friday

Biggest Movers: Cardano Moves to 6-Week High, Climbing by Over 6% on Friday

Cardano moved to a six-week high on Friday, as consumer sentiment in the United States fell by more than expected. The University of Michigan’s monthly report fell to a reading of 62 in March, lower than the 63.2 sum markets were expecting. Chainlink also climbed, breaking out of a key resistance level. Cardano (ADA)

Cardano (ADA) surged to a six-week high in today’s session, as markets reacted to the latest University of Michigan consumer sentiment report.

Sentiment in the United States fell to a reading of 62 in March, from a final sum of 67 the month prior.

ADA/USD surged to a peak of $0.4025 earlier in today’s session, following a low of $0.3709 on Thursday. ADA/USD – Daily Chart

This move saw cardano climb to its strongest point since February 21, when the token reached a high of $0.4061.

Overall, the surge came as the 14-day relative strength index (RSI) moved beyond a ceiling at the 60.00 mark.

At the time of writing, the index is tracking at 63.67, which is close to a highest point of resistance at 64.00. Chainlink (LINK)

Chainlink (LINK) rebounded from Thursday’s losses in today’s session, with the token climbing by as much as 5%

Following a low of $7.17 yesterday, LINK/USD raced to an intraday high of $7.65 on Friday.

As a result of the rally, chainlink once again moved above its long-term resistance at $7.55, hitting a one-week high in the process. LINK/USD – Daily Chart

Looking at the chart, today’s breakout coincided with the RSI climbing past a ceiling of its own at 55.00

As of writing, the index is tracking at 57.54, which is marginally below a higher hurdle at the 58.00 point.

Should bulls move beyond this point, then there is a good chance that LINK will move towards $8.00.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story ada, Analysis, Cardano, Chainlink, LiNK

Do you expect chainlink to extend this rally into the weekend? Let us know your thoughts in the comments. Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Non-Fungible Token Sales Slid 31% Lower in March With $882 Million in NFT Sales MARKET UPDATES | 9 hours ago Bitcoin, Ethereum Technical Analysis: BTC Drops Below $28,000, ETH Under $1,800 MARKET UPDATES | 11 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNon-Fungible Token Sales Slid 31% Lower in March With $882 Million in NFT Sales Next articleBRICS Emerges as the World’s Largest GDP Bloc, Propelled by China’s Rapid Expansion 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

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