XMR Hits 2-Month High, ADA Extends Recent Gains – Market Updates

Monero slipped from a previous two-month high as US employment data (NFP) showed signs of a labor market slowdown in December. Figures released today showed NFP fell to 223,000, compared to a reading of 263,000 the previous month. Cardano was mostly higher as it rose to a multi-week high.

Monero ( XMR )

Monero ( XMR ) rose to a two-month high of $158.11 early in today's session, set ahead of the release of the U.S. nonfarm payrolls report for December.

However, the token fell to a low of $151.90 following the report, which showed that 223,000 jobs were created in the US economy.

First the price increase came as XMR broke out of resistance at $155.00 but is back below that point as of this writing.

Looking at the diagram, XMR /USD also fell as the 14-day relative strength index (RSI) moved lower.

The index is currently tracking the 61.37 level, which is slightly below a key resistance level at 70.00

Typically, the 70.00 level is an area where price is overbought and this appears to have been used by bears as a perfect re-entry point.

Cardano ( ADA )

Cardano ( ADA ) was another notable gainer in Friday's session as it rose to a multi-week high.

ADA /USD raced to a high 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, before prices consolidate during the holiday season.

As can be seen from the chart, today's movement looked like this too ADA Breakout from a key price ceiling at $0.270, and the asset continues to trade above this point.

Additionally, the 14-day RSI is hovering above its own resistance point at 50.00 and is currently tracking at 50.90.

If this bullish momentum continues to move higher, then ADA Bulls will likely aim for a move above the $0.280 point.

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Could we see today's payroll report sparking further bearish sentiment this weekend? Let us know your thoughts in the comments.

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. He currently serves as a commentator on various asset classes including crypto, stocks and forex.

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