ADA Rebounds, While FIL Hits 2-Week High on Saturday – Market Updates Bitcoin News
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Despite a largely volatile session, there have been a few tokens that have managed to avoid the red wave. Cardano hit its highest level in over a week to start the weekend as prices moved towards a key resistance level. Filecoin also rose over 12% on Saturday
Cardano (ADA) returned to the green on Saturday as the token rallied after recent price declines.
After Friday’s low of $0.4499, ADA/USD rose to an intraday high of $0.4769 to start the weekend.
The move sees Cardano move closer to its long-term resistance at $0.4800 as bulls take prices away from the $0.4430 low.
Looking at the chart, a rally comes when the 10-day moving average (red) continues the trend after a sideways downward move.
This marks a possible end to the decline we saw in mid-August, when the price went from $0.5811 to $0.4343 in four days.
At the time of writing, ADA is now trading at $0.4742, with the 14-day Relative Strength Index (RSI) tracking the ceiling of 50.00.
Filecoin (FIL) was also higher on Saturday, with the token up as much as 12% since the start of the weekend.
FIL/USD rose to $6.59 on Saturday, the strongest point since August 20.
This rally has FIL marginally breaking through its $6.50 resistance for the first time in over two weeks.
As you can see on the chart, this price rally has pushed the RSI to its own ceiling at 50.65, and if the bulls expect to continue today’s gains, this point must be broken.
If this happens, we can see filecoins move closer to the $7.00 mark, and $8.00 is also possible to get back with cards.
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The authors of the picture: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
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