Crypto Market Surges: Monero and Cardano Reach Multi-Week Highs

• Monero (XMR) rose to a two-month high of $158.11 before the December U.S. nonfarm payrolls (NFP) report was released, but fell back to $151.90 after the report showed that 223,000 jobs were added to the U.S. economy.
• Cardano (ADA) surged to a multi-week high of $0.2756 and broke out of a key price ceiling at $0.270.
• The 14-day relative strength index (RSI) for both XMR and ADA are hovering above resistance points, indicating that the current trend for both tokens is bullish.

The cryptocurrency market was mostly higher on Friday, as many tokens surged to multi-week highs. Monero (XMR) rose to a two-month high of $158.11 before the release of the December U.S. nonfarm payrolls (NFP) report, but fell back to $151.90 after the report showed that 223,000 jobs were added to the U.S. economy. XMR initially broke out of a resistance level at $155.00, but as of writing is once again below this point. The 14-day relative strength index (RSI) for XMR is currently tracking at the 61.37 level, which is marginally below a key resistance level of 70.00.

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. The surge in price 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 50.0.

Overall, the bullish momentum seen in the cryptocurrency market today is indicative of an overall upward trend. The breakouts for XMR and ADA above key resistance points suggest that both tokens could continue to move higher in the near future. However, it is important to remember that crypto markets are highly volatile and prices can move quickly in either direction. As such, traders should always exercise caution when trading cryptocurrencies and never invest more than they can afford to lose.