ADA Breaks Losing Streak as Nonfarm Payrolls Outperform Expectations

Cardano put an end to its four-day losing streak on Friday, driven by positive market response to the latest U.S. nonfarm payrolls (NFP) report. The report revealed a substantial increase in payrolls for May, reaching 339,000, well above the anticipated 190,000. Meanwhile, Solana encountered resistance during the current session.

Cardano (ADA) stood out as one of Friday’s notable gainers, as the token successfully surpassed a significant resistance level. ADA/USD experienced a 3% surge during the session, reaching an intraday high of $0.3777. This upward movement resulted in the 10-day moving average (red) crossing above its 25-day counterpart (blue). Such a crossover typically indicates the beginning of a bullish trend, which coincided with a considerable rise in the relative strength index (RSI). At present, the RSI is at 50.91, slightly below the resistance level at 52.00. If this resistance is broken, ADA may likely move towards the $0.3800 mark.

Solana (SOL) also displayed upward movement in the session, encountering a key resistance level along the way. After reaching a low of $20.38 on Thursday, SOL/USD surged to a peak of $21.30 earlier in the day. However, momentum has weakened somewhat since hitting the $21.30 ceiling, as bulls secure their earlier gains. Another factor contributing to this caution is the RSI, which is approaching its own resistance level at 55.00, prompting traders to act more tentatively. Currently, the RSI sits at 53.64, and if it eventually surpasses the firm line at 55.00, bullish pressure is likely to increase. Traders may anticipate this occurrence over the weekend as they digest today’s economic data.

To receive weekly price analysis updates in your inbox, sign up by registering your email here: Weekly Technical Analysis Report

We are curious to hear your thoughts in the comments. Do you think Solana will surpass $22.00 over the upcoming weekend?

FAQ about cryptocurrency analysis

What are the key highlights of this cryptocurrency analysis?

The key highlights of this cryptocurrency analysis are as follows:

  • Cardano (ADA) ended a four-day losing streak and experienced a 3% surge in value.
  • The latest U.S. nonfarm payrolls report showed a significant increase in May’s payrolls, exceeding expectations.
  • Solana (SOL) encountered a key resistance level during the trading session.
  • The relative strength index (RSI) and moving averages were used to analyze the potential bullish trends.
  • Traders are interested in whether Solana will surpass $22.00 over the upcoming weekend.

How can I receive weekly price analysis updates?

You can register your email to receive weekly price analysis updates. Simply sign up by providing your email address and you’ll get the updates delivered to your inbox.

What does the resistance level indicate for ADA and Solana?

The resistance level acts as a barrier for the price movement. If ADA manages to break above the resistance level, there is a strong chance it will move towards the $0.3800 mark. Similarly, if Solana crosses its resistance level, it could experience increased bullish pressure.

What is the significance of the crossover between the moving averages?

When the shorter-term moving average (10-day) crosses above the longer-term moving average (25-day), it often signals the start of a bull run. This crossover suggests a positive trend for ADA.

Are there any expectations for Solana’s price movement?

The analysis mentions that if the RSI surpasses the resistance level at 55.00, it could indicate increased bullish pressure for Solana. Traders may anticipate this happening over the weekend, but further updates are needed to confirm the price movement.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

2 comments

CryptoFanatic22 June 3, 2023 - 8:53 pm

Wow, this crypto analysis is lit! I’m stoked to see ADA break its losing streak and make some gains. Can’t wait to see if Solana will go above $22.00 this weekend. Keep the updates coming, folks!

Reply
BlockchainEnthusiast June 3, 2023 - 8:53 pm

Finally, ADA is showing some upward movement! That crossover and rising RSI are indicators of a potential bull run. But let’s not forget Solana’s progress. I’m curious if it can overcome the resistance and reach $22.00. Exciting times ahead in the crypto market!

Reply

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

Follow us

CryptokenTop

CrypTokenTop is a website dedicated to providing comprehensive information and analysis about the world of cryptocurrencies. We cover topics such as Bitcoin, Ethereum, NFTs, ICOs, and other popular crypto topics. Our mission is to help people learn more about the crypto space and make informed decisions about their investments. We provide in-depth articles, analysis, and reviews for beginners and experienced users alike, so everyone can make the most out of the ever-evolving world of cryptocurrency.

© 2023 All Right Reserved. CryptokenTop

en_USEnglish