Cardano was nearly 15% higher on Monday, as crypto markets were mainly in the green to start the week. Despite gains from ADA, HNT was one of the biggest movers today, as it rose by over 20%, hitting its highest point in over a week.
ADA rallied on Monday, as it rose by nearly 15% on the day, following three back-to-back sessions of gains.
Today’s rally was the most notable from the past two days, and resulted in prices surging to their highest level since May 23.
This recent run began following a false breakout of support at $0.4600, with prices now rallying to an intraday high of $0.5449 earlier today.
Looking at the chart, today’s peak has taken ADA/USD near its resistance point of $0.5580, which hasn’t been broken since May 18.
The 14-day RSI is also hovering around its own ceiling at 44.60, and it is unlikely there will be any further rallies, unless this obstacle is overcome.
Whilst ADA was one of the most notable movers on Monday, due to its top 10 status, HNT was arguably the biggest in crypto markets.
HNT rose by nearly 24% to start the week, with prices hitting an intraday peak of $8.90 in the process.
This recent run of form from HNT also was birthed at its price floor of $6.70, and has gone on to break an interim resistance point of $8.50.
Bulls now look to be attempting to recapture a high of $9.90, which is the only remaining obstacle before HNT returns to the $10 mark.
Looking at the chart, the RSI will potentially also pose a threat to the hopes of bulls, as HNT is on the cusp of hitting a ceiling at 44.50.
Should this happen, then we will likely see $9.90 hit in the coming days, with an influx of new bulls likely to help get prices back into double digits.
Will today’s bullish sentiment continue into June? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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