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Biggest Movers: ADA Snaps Losing Streak as Nonfarm Payrolls Beat Expectations

source-logo  news.bitcoin.com 02 June 2023 16:30, UTC

Cardano ended a four-day losing streak on Friday, as markets responded to the latest U.S. nonfarm payrolls (NFP) report. Payrolls in May rose to 339,000, which was significantly higher than the expected sum of 190,000. Solana collided with a key resistance level in today’s session.

Cardano (ADA)

Cardano (ADA) was one of Friday’s notable gainers, as the token snapped a key resistance level.

ADA/USD rose by as much as 3% in today’s session, hitting an intraday high of $0.3777 as a result.

This rally resulted in the 10-day (red) moving average crossing over its 25-day (blue) counterpart.

ADA/USD – Daily Chart

Typically such an upwards crossover signals the start of a bull run, and it comes as the relative strength index (RSI) also rose considerably.

At the time of writing, the index is tracking at 50.91, which is marginally below a resistance level at 52.00.

In the event this ceiling is broken, there is a strong chance that ADA will move towards the $0.3800 mark.

Solana (SOL)

Solana (SOL) also climbed higher in today’s session, with prices colliding with a key resistance level in the process.

Following a low of $20.38 on Thursday, SOL/USD surged to a peak at $21.30 earlier in the day.

Since hitting the aforementioned ceiling at $21.30, momentum has somewhat weakened, due to bulls securing earlier gains.

SOL/USD – Daily Chart

Another reason for this is that the RSI is close to a resistance level of its own at 55.00, leading traders to act more tentatively.

The index is currently tracking at 53.64, and should it eventually cross the hard line at 55.00, bullish pressure will likely increase.

Some may expect this to happen over the weekend, as traders continue to digest today’s economic data.