Crypto markets continued their upward trend on April 14, with Cardano (ADA) reaching a seven-month high and XRP extending its recent gains. The total cryptocurrency market capitalization rose by approximately 2.25% on Friday, driven by Bitcoin's surge above the $31,000 mark, which provided a strong bullish backdrop for altcoins.
Cardano (ADA): Eight-Day Rally Breaks Key Resistance
ADA/USD climbed to an intraday high of $0.4441 on Friday, up from a low of $0.4115 on Thursday. This marks the highest price since September 27, 2022, when ADA hit $0.4631. The token has now risen for eight consecutive sessions, indicating sustained buying pressure.
Chart analysis shows that Friday's rally followed a breakout above the key resistance level of $0.4230. Additionally, the 14-day Relative Strength Index (RSI) moved above its own ceiling at 65.00 and currently sits at 71.06, entering overbought territory. The next resistance level for ADA is at 72.00 on the RSI; failure to break above this point could lead to a pullback in the near term.
XRP: Two-Week High as RSI Bounces from Support
XRP, formerly known as Ripple, also posted strong gains, continuing to move away from its recent price floor. After a low of $0.5092 on Thursday, XRP/USD rose to a high of $0.5438 earlier in the day, its highest level since March 29, when the token hit an 11-month high of $0.5848.
The move was accompanied by a bounce in the 14-day RSI from support at 57.00. The RSI is now tracking at 62.97, just below resistance at the 63.00 mark. At the time of writing, XRP trades at $0.5274, slightly below its earlier peak, but still well above Thursday's low. Market participants are now watching to see if XRP can extend its rally for a third consecutive day on Saturday.
Overall, the bullish sentiment in the cryptocurrency market is being led by Bitcoin's strength, with technical breakouts in ADA and XRP reinforcing the positive momentum. However, the overbought signals on some indicators suggest that short-term profit-taking could occur before further upside.