Biggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday admin January 30, 2022

Biggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday

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Cardano was one of Saturday’s notable gainers, with the token surging to a three-week high. The sandbox was also in the green, rising to a multi-week peak, as sentiment in the cryptocurrency market remains mostly bullish. Overall, the global crypto market cap is up nearly 2% as of writing.

Cardano (ADA)

Cardano (ADA) climbed to a three-week high on Saturday, as the token rose for a fourth consecutive session.

Following a low of $0.4894 on Friday, ADA/USD was able to reach a peak of $0.5235 to start the weekend.

Saturday’s top is the highest point the token has traded at since August 18, and comes as prices climbed above a major resistance point.

ADA/USD – Daily Chart

The ceiling of $0.5115 was broken earlier in the day, and comes as the 10-day (red) moving average crossed against its 25-day (blue) counterpart.

Looking at the chart, another notable occurrence is that the relative strength index (RSI) of 14-days also moved beyond a ceiling, at 56.00.

Now tracking close to 58.00, should the index hit its higher resistance point of 60.40, we could see ADA price recapture the $0.5440 mark.

The Sandbox (SAND)

The sandbox (SAND) was another notable mover to start the weekend, with prices also hitting a multi-week high.

SAND/USD was able climb above its $1.00 mark on Saturday, hitting an intraday high of $1.02 in the process.

Today’s peak is the strongest point that SAND has reached since August 26, and comes after four days of back-to-back gains.

SAND/USD – Daily Chart

Some fear that this run could be cut short, however, as the RSI looks set to collide with a ceiling at 49.30.

As of writing, the RSI is tracking at 48.33, which is its highest point since mid-August, when prices were trading above $1.35.

Should the index move past the upcoming hurdle, bulls will likely aim to target exits close to resistance around $1.10.

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Will the sandbox remain above $1.00 this weekend? 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Source : Bitcoin

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