{"id":16187,"date":"2023-01-06T21:17:18","date_gmt":"2023-01-06T21:17:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/xmr-hits-2-month-high-ada-extends-recent-gains-market-updates-bitcoin-news\/"},"modified":"2023-01-06T21:17:18","modified_gmt":"2023-01-06T21:17:18","slug":"xmr-hits-2-month-high-ada-extends-recent-gains-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/xmr-hits-2-month-high-ada-extends-recent-gains-market-updates-bitcoin-news\/","title":{"rendered":"XMR Hits 2-Month High, ADA Extends Recent Gains \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

Monero (XMR<\/a>)<\/h2>\n

Monero (XMR<\/a>) surged to a two-month high of $158.11 earlier in today\u2019s session, which came prior to the release of December\u2019s U.S. nonfarm payrolls report.<\/p>\n

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.<\/p>\n

Initially the surge in price came as XMR<\/a> broke out of a resistance level at $155.00, however as of writing, it is once again below this point.<\/p>\n

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XMR<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, XMR<\/a>\/USD also moved lower as the 14-day relative strength index (RSI) moved lower.<\/p>\n

The index is currently tracking at the 61.37 level, which is marginally below a key resistance level of 70.00<\/p>\n

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.<\/p>\n

Cardano (ADA<\/a>)<\/h2>\n

Cardano (ADA<\/a>) was another notable gainer in Friday\u2019s session, as it surged to a multi-week high.<\/p>\n

ADA<\/a>\/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.<\/p>\n

Today\u2019s rally sent ADA<\/a> to its strongest point since December 16, prior to prices consolidating during the holiday period.<\/p>\n

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ADA<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, today\u2019s move also saw ADA<\/a> break out of a key price ceiling at $0.270, and the asset continues to trade above this point.<\/p>\n

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.<\/p>\n

Should this bullish momentum continue to move in an upward position, then ADA<\/a> bulls will likely target a move above the $0.280 point.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Could we see today\u2019s payrolls report cause further bearish sentiment this weekend? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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