Tron rose for a fourth consecutive session on Monday, pushing the token to an eleven-month high. The move comes despite current sentiment of uncertainty in the cryptocurrency market. Cardano was also higher, snapping a losing streak in the process.
Tron (TRX) rose close to an eleven-month high to start the week, following a recent four-day bull run.
TRX/USD rose to a peak of $0.07841 earlier in the day, which comes a day after trading at a low of $0.07271.
As a result of Monday’s move, TRON climbed to its strongest point since June 10 last year.
One of the catalysts of the surge appears to be a breakout which transpired on the relative strength index (RSI).
The index moved beyond the ceiling of 69.00, and as of writing, is tracking at 77.17.
Now in overbought territory, there could be some profit taking, however a target of $0.080 still remains a possibility.
Whilst TRX has now risen for a fourth day, cardano (ADA) ended a four-session losing streak on Monday.
Following a low of $0.3573 on Sunday, ADA/USD rose by as much as 2% today, hitting a high of $0.3732.
Today’s rebound in price came as bulls seemingly rejected a breakout of a floor at the $0.3570 mark.
This came as the RSI also held firm at a key point of support, with price strength moving away from the 40.00 mark.
As of writing, the index is now tracking at 44.29, with a ceiling at 49.00 a possible target for ADA bulls.
If this zone is reached, there is a relatively good chance cardano will be trading above $0.3800.
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What has been behind today’s rally in cardano and tron? Let us know your thoughts in the comments.
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