Biggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday
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Cardano was one of the notable gainers on Saturday, with the token hitting a three-week high. The sandbox was also in the green, rising to a multi-week high, as sentiment in the cryptocurrency market is still mostly bullish. Overall, the global crypto market cap is up nearly 2% since writing.
Cardano (ADA) hit a three-week high on Saturday as the token rose for the fourth consecutive session.
After Friday’s low of $0.4894, ADA/USD was able to reach a high of $0.5235 to start the weekend.
Saturday’s high is the highest point the token has traded at since August 18, and comes as prices rose above a major resistance point.
The $0.5115 ceiling was breached earlier in the day, with the 10-day (red) moving average breaking above its 25-day (blue) counterpart.
Looking at the chart, another significant phenomenon is that the 14-day relative strength index (RSI) also moved above the ceiling, at 56.00.
Now watching near 58.00, if the index were to reach its higher resistance point at 60.40, we could see the price of ADA reach the $0.5440 mark.
The sandbox (SAND) was another major factor to start the weekend, with prices also hitting multi-week highs.
SAND/USD was able to break above the $1.00 mark on Saturday, hitting an intraday high of $1.02.
Today’s high is the strongest point the SAND has reached since August 26, and comes after four straight days of gains.
Some fear this run could be broken, however, as the RSI appears to be hitting a ceiling at 49.30.
As of this writing, the RSI is tracking at 48.33, the highest point since mid-August when prices traded above $1.35.
If the index breaks the upcoming barrier, the bulls will likely look to target breakouts near resistance around $1.10.
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Will the sandbox stay above $1.00 this weekend? Let us know what you think in the comments.