ADA rebounds, while FIL hits 2-week high on Saturday – Market Updates Bitcoin News
Despite a largely volatile session, there have been a few tokens that managed to avoid the red wave. Cardano rose to its highest level in over a week to start the weekend as prices moved towards a key resistance level. Filecoin was another notable gainer, climbing over 12% on Saturday
Cardano (ADA)
Cardano (ADA) was back in the green on Saturday, as the token rallied after its latest price drop.
After a low of $0.4499 on Friday, ADA/USD rose to an intraday high of $0.4769 to start the weekend.
The move sees the cardano move closer to its long-term resistance level of $0.4800, as bulls take prices away from a floor of $0.4430.
Looking at the chart, the rally comes when the 10-day moving average (red) continues to trend sideways, after a period of downward movement.
This signals a possible end to the bearish spell we saw in mid-August, where the price went from $0.5811 to $0.4343 in four days.
At the time of writing, ADA is trading at $0.4742, with the 14-day relative strength index (RSI) at a ceiling of 50.00.
Filecoin (FILE)
Filecoin (FIL) was also higher on Saturday, as the token rose by as much as 12% to start the weekend.
FIL/USD rose to a high of $6.59 on Saturday, the strongest point it has hit since August 20.
This price increase sees FIL marginally break out of the $6.50 resistance level for the first time in over two weeks.
As can be seen from the chart, this price rally has taken the RSI to a separate ceiling of 50.65, and should bulls look to extend today’s rally, this point must be breached.
If this happens, we could see filecoin move closer to the $7.00 mark, with the possibility of recapturing $8.00 also on the cards.
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Do you think filecoin will reach $8.00 in the coming days? Let us know your thoughts in the comments.
Image credit: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
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