Cardano Reached an 11-Week High Thursday as the markets reacted to the news that the US Gross Domestic Product had risen by 2.9%. The token index had gone up as much as 5% earlier in the day and was at its highest level since November 2005. Monero also saw positive movement, hitting a key resistance level during the session.
Cardano (ADA)
Cardano (ADA) saw a strong rally on Thursday, with prices surging to an eleven-week high during the day.
After opening at a low of $0.3537, ADA/USD rose to $0.3866 intraday earlier today, taking it to its highest level since November 8, when it was last higher than $0.4100.
The chart shows that ADA has now retreated from its earlier highs. It appears that traders were taking profit close to the record of $0.3875.
At the time of writing, the token is being traded at $0.3774. Its Relative Strength Index (RSI) is close to a resistance at 74.00, with a current reading of 69.22. The bulls will need to break above this level of 74.00 for ADA to clear the $0.3875 hurdle.
Monero (XMR)
In addition to ADA, Monero (XMR) saw a rally earlier in the day, as it approached a key resistance level.
XMR/USD dropped to $178.15 earlier today, after previously dropping to $169.84.
The upturn took Monero closer to its long-term resistance of $180.00, which was last broken on Sunday.
