Cardano And Monero Record Huge Gains Becoming Top Movers In Latest Trades

January 2023 has turned out to be an extremely fortunate month for the cryptocurrency industry. It is full of bullish and gaining opportunities for the entire industry and its charm is constantly rising.

One major factor behind the surge in the major cryptocurrencies is the overall market trend that has turned bullish since the start of 2023.

Then comes the GDP data from the United States which is showing positive growth. It indicates that the situation of consumers is returning to the pre-pandemic levels.

This would mean that people will have more investment opportunities, making things quite favorable for cryptocurrencies.

Cardano and Monero among Top Movers

Although the entire crypto market is improving and is moving into bullish territory, Cardano and Monero are demonstrating the best performances.

Their recent performances have earned them the title of being the top performers in the latest sessions.

Let us have a peek at their performances and see where these assets are likely to be in near future.

Cardano (ADA)

The trading price of Cardano had been climbing to higher levels for a while. It was among the top performers for a while but since the beginning of the running week, it was losing its bullish charm.

It seemed that the bulls were either losing their confidence or were exhausted from constantly pumping the rally.

In either case, the value of the asset started to decline from Monday. However, bulls were about to change the situation in the upcoming days.

This is exactly what they did on Thursday when the price of the asset started to pick up the pace. The bulls formed a rebound, which saw the price hit an 11-week high.

Until Wednesday, the trading price of Cardano was hovering at a lower level, when it was around $0.3537. However, the bullish rally kicked in and did its magic to push ADA to a high of $0.3866 by Thursday.

This is the first time since November 8 that the trading price of ADA rose to such a high level. On November 8, the trading price of ADA was over the $0.4100 benchmark.

At the moment, it is clear that the bulls are eager to generate profits from the price hikes. This is the reason why ADA recorded a sell-off just as its value was pushed closer to $0.3875 (ceiling price).

At the time of writing, the trading price of ADA is $0.3774 and its RSI is close to hitting the resistance line at 74. This is a positive sign, which indicates that the asset may continue leaping for higher gains.

It is the bulls who need to remain focused and determined, and not end up causing a major sell-out.

They will have to increase their buying power and bring in more investors to their support. Only then, they will be able to get past the $0.3875 hurdle, which would prove to be a strong challenge.

If the hurdle is crossed, then the trading price of the asset would continue surging to higher levels.

Monero (XMR)

XMR has shown a similar trend as ADA by experiencing a strong rally in the earlier part of the day. Even now, the asset is stable and its price is attempting to break through the strong obstacles.

The data shows that prior to the rally, XMR’s trading price was at a low of $169.84. However, the bulls injected their strong buying power and pushed XMR’s price to a high of $178.15.

Due to the recent surge, the value of the asset has come closer to hitting the resistance level that currently lies at $180.00. This is the level XMR had previously broken on Sunday but it failed to stay over that level.

Now it seems that the bulls have regained their buying sentiments and are ready to form stronger rallies. The RSI is currently sitting at 63.25 and it may soon hit the ceiling at 65.00.

If that happens, more investments may fall in favor of XMR, pushing its trading price over the $180 mark.