Biggest Movers: XMR Hits 2-Month High, ADA Extends Recent Gains
Monero slipped from an earlier two-month high, as December U.S. nonfarm payrolls (NFP) showed signs of a slowing labor market. Figures released today showed that the NFP fell to 223,000, down from a reading of 263,000 the month prior. Cardano was mostly higher, as it rose to a multi-week high. Monero (XMR)
Monero (XMR) surged to a two-month high of $158.11 earlier in today’s session, which came prior to the release of December’s U.S. nonfarm payrolls report.
However, following the report, which showed that 223,000 jobs were added to the U.S. economy, the token fell to a low of $151.90.
Initially the surge in price came as XMR broke out of a resistance level at $155.00, however as of writing, it is once again below this point. XMR/USD – Daily Chart
Looking at the chart, XMR/USD also moved lower as the 14-day relative strength index (RSI) moved lower.
The index is currently tracking at the 61.37 level, which is marginally below a key resistance level of 70.00
Typically, the 70.00 level is an area where price is overbought, and this seems to have been used by bears as a perfect point of reentry. Cardano (ADA)
Cardano (ADA) was another notable gainer in Friday’s session, as it surged to a multi-week high.
ADA/USD raced to a peak of $0.2756 earlier in the day, and this comes less than 24 hours after trading at a low of $0.2651.
Today’s rally sent ADA to its strongest point since December 16, prior to prices consolidating during the holiday period. ADA/USD – Daily Chart
As can be seen from the chart, today’s move also saw ADA break out of a key price ceiling at $0.270, and the asset continues to trade above this point.
In addition to this, the RSI of 14 days is hovering above a resistance point of its own at 50.00, and is currently tracking at a reading of 50.90.
Should this bullish momentum continue to move in an upward position, then ADA bulls will likely target a move above the $0.280 point.
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Could we see today’s payrolls report cause further bearish sentiment this weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH Lower, as Markets Await Nonfarm Payrolls Report MARKET UPDATES | 10 hours ago Biggest Movers: DOGE, SHIB Surge to Multi-Week Highs on Thursday MARKET UPDATES | 1 day ago
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