The Cardano moved to a six-week high on Friday as US consumer sentiment fell more than expected. The University of Michigan monthly report fell to a reading of 62 in March, below the 63.2 sum the market had expected. Chainlink also rose, breaking out of a key resistance line.
Cardano (ADA
Cardano (ADA) surged to a six-week high in today’s session as the market reacted to the latest University of Michigan consumer sentiment report.
U.S. business confidence fell to 62 in March from 67 the previous month.
ADA/USD surged to a peak of $0.4025 earlier today’s session after hitting a low of $0.3709 on Thursday.
The move sent Cardano to its strongest point since hitting a high of $0.4061 on February 21.
Overall, the 14-day Relative Strength Index (RSI) soared as it moved above the 60.00 ceiling.
As of this writing, the index is hovering at 63.67, approaching the highest resistance point of 64.00.
Chain Link (LINK)
Chain Link (LINK) rebounded from Thursday’s losses in today’s session, with the token up 5%
Following yesterday’s low of $7.17, LINK/USD ran to an intraday high of $7.65 on Friday.
As a result, the chain link once again broke above long-term resistance at $7.55, hitting a one-week high in the process.
Looking at the chart, today’s breakout coincides with the RSI rising above its own ceiling at 55.00
At the time of this writing, it is at 57.54, just below the high hurdle of 58.00 points.
If the bulls move above this point, LINK will likely move toward $8.00.
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