Cardano (ADA) has been on a bullish run for the past eight days, reaching its highest level in seven months on April 14. The cryptocurrency rose to an intraday peak of $0.4441, following a breakout of a key resistance level of $0.4230. Additionally, the relative strength index (RSI) also moved beyond its own ceiling at 65.00 and is currently tracking at 71.06. An upcoming ceiling at 72.00 now awaits ADA bulls, and should they fail to move past this point, earlier gains may fade.
Looking at the chart, it appears that one catalyst for the move was the 14-day RSI bouncing from a floor at 57.00. Price strength is now tracking at 62.97, which is marginally below a point of resistance at the 63.00 mark. At the time of writing, ADA is trading at $0.4256, slightly lower than its earlier peak.
Another cryptocurrency that saw notable gains was XRP, which hit a two-week high on April 14. Following a low of $0.5092 on Thursday, XRP/USD rose to a high of $0.5438 earlier in the day. As a result of the move in price, XRP hit its highest level since March 29, when the token hit a then eleven-month high of $0.5848.
From the chart, it appears that one catalyst for the move was the 14-day RSI bouncing from a floor at 57.00. Price strength is currently tracking at 62.97, which is marginally below a point of resistance at the 63.00 mark. At the time of writing, XRP is trading at $0.5274, which is slightly lower than its earlier peak.
Apart from these two cryptocurrencies, the global crypto market cap rose by as much as 2.25% on April 14, with bitcoin moving above $31,000. The market has remained bullish, with Cardano and XRP leading the way.
However, it is important to conduct thorough research and analysis before investing in any cryptocurrency. While the market may appear bullish, it is still incredibly volatile and subject to sudden price fluctuations. Investors should diversify their portfolios and only invest what they can afford to lose.
The cryptocurrency market has seen significant growth in recent years, with more and more investors looking to get involved. As a result, the market has become increasingly competitive, with new cryptocurrencies entering the market every day. While this provides investors with more choice, it also makes it more difficult to navigate and find the right opportunity.
Furthermore, there is still a lack of understanding around cryptocurrencies among the general public. This has resulted in many misconceptions and myths, which can cause confusion and put people off from investing altogether. It is important to do your own research and seek advice from experienced investors before making any decisions.
In conclusion, Cardano and XRP have both seen notable gains in recent days, leading the way for a bullish crypto market. However, it is important to approach investing in cryptocurrencies with caution and conduct thorough research before making any decisions. With the market remaining highly volatile, diversification and risk management are key.
