The Fed did not increase interest rates during its meeting held last Wednesday. However, the US central bank said the rates could stay as they are for an undefined period. While delivering his speech, the Fed Reserve Chair Jerome Powell warned that the process of lowering inflation to 2% still had a very long way to go.
Powell’s statement prompted sell-offs in the crypto and equities markets. Most times, risk assets tend to perform poorly when the interest rate is high. Nonetheless, there has been an encouraging sign in the cryptocurrency market, given that most leading digital currencies are still trading above strong support levels.
So, will the bears drag BTC and altcoins below those crucial points or will the bulls stage recovery from here? Let’s explore the charts to get answers.
Bitcoin Price Analysis
Over the weekend, BTC was trading between the 20-day EMA (Exponential Moving Average) of $26,521 and the 50-day SMA (Simple Moving Average) of $26,984. However, the largest coin by market cap fell to $26,173 on Monday morning. Although it still trades above the $25,243 crucial support level, the sellers have a slight advantage over the buyers after the latter let go of $26,521. Therefore, Bitcoin may plummet to retest the support.
On the other hand, the bulls must push the coin above $26,984 to take control of the market. If this is achieved, Bitcoin may hit the $28,134 resistance level.
Ethereum Price Analysis
ETH bears have continued to sell on every rally since last Thursday when the token crossed below the 20-day EMA of $1,629.54. Ethereum trades at $1,576.52, according to data from CoinGecko. The bears are now in charge. If they drag ETH below the $1,531.08 support, a further price drop to $1,369.12 could become possible. On the positive side, a bounce-off from $1,575 may encourage the bulls to drive ETH’s price up toward $1,629.54. Intense buying activity at this price could fuel a further rally to $1,674.32.
BNB Price Analysis
BNB reversed from the $219.76 strong resistance level on Tuesday. Two days later, the bulls failed to defend the 20-day EMA of $214.46, causing the token to reach $209.18 as of this writing. It is likely that BNB will trade between the $201.83 support level and $219.76 over the next few days. However, a downward move to $183.67 is possible if the support crumbles. On the other hand, thrusting BNB above $219.76 could prompt a rally to $234.95.
XRP Price Analysis
Prices above the 20-day EMA of $0.50998 have been tough for the bulls to sustain over the past three days. XRP fell below that level on Monday morning to trade at $0.49443 as of this writing. If it reaches the $0.49048 support level and turns up, the token may hit the 50-day SMA of $0.53831. However, in case the support cracks, XRP’s price may fall to $0.42003.
Solana Price Analysis
SOL bears have been selling on rallies near the 20-day EMA of $19.56 since September 18, making the bulls’ attempts to get Solana to retest the 50-day SMA of $21.08 unsuccessful. With the sellers seemingly super active at higher levels, they may cause massive selling pressure that could drag SOL toward the $17.39 support level.
Toncoin Price Analysis
TON has continued to witness price correction after rallying massively since the end of last month. It now trades below the $2.27 minor support. If the token continues sliding and the bears manage to tug it below the 20-day EMA of $2.09, its price may then reach $1.83, a level we anticipate the bulls to purchase the dip and attempt to stage a rally to $2.58.
Polygon Price Analysis
Last Tuesday, MATIC crossed above $0.54297, the 20-day EMA. However, the bulls’ efforts to fuel a strong rally were futile as the bears came in and booked profits, pulling the token’s price to $0.51195 at press time. If buyers fail to guard the $0.49372 strong support, Polygon could hit $0.46839.
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