ADA hits 11-week high as crypto markets react to US GDP data – Reuters

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Cardano hit an 11-week high on Thursday as markets reacted to data showing that gross domestic product in the United States rose 2.9%. The token rose 5% earlier today, hitting its strongest point since November. Monero was also in the green, approaching a key resistance level in the process.

Gimbal (ADA)

Cardano (ADA) rallied on Thursday, with prices hitting an eleven-week high in the process.

After a low of $0.3537 on Wednesday, ADA/USD hit an intraday high of $0.3866 earlier in the day.

As a result, cardano reached its strongest point since November 8, which is the last time prices rose above $0.4100.

ADA/USD – Daily Chart

Looking at the chart, ADA is down from previous gains as traders appear to have taken profits near a high of $0.3875.

At the time of writing, the token is trading at $0.3774, with the 14-day Relative Strength Index (RSI) close to its own resistance at 74.00.

The index, which is currently trailing at 69.22, will likely need to break above the 74.00 point for ADA to clear the $0.3875 hurdle.

Monero (XMR)

In addition to ADA, Monero (XMR) also surged earlier in the day as it approached a key resistance level.

XMR/USD hit a high of $178.15 earlier in the day, which comes less than a day after dropping to a low of $169.84.

Today’s surge has brought Monero closer to its long-term resistance level at $180.00, which was last broken on Sunday.

XMR/USD – Daily Chart

As can be seen from the chart, the Relative Strength Index (RSI) is currently trading below its own high at 65.00, with a current reading of 63.25.

In order for the bulls to drive XMR back above the $180.00 level, price strength will first need to break above the 65.00 mark.

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Do you expect Monero to break above $180.00 this week? Let us know your thoughts in the comments.

Elie Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and online trading educator. Currently, he acts as a commentator in various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

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