Today's article presents an analysis of the current market conditions for major cryptocurrencies and evaluates significant factors affecting their price dynamics.
Overall State of the Crypto Market
After the FOMC meeting, where rates were unchanged, the crypto market lost its initial momentum. Bitcoin, however, remains stable.
Price Movement Analysis of Major Cryptocurrencies
Bitcoin continues to move in a rising channel but struggles due to the lack of buying pressure. Ethereum is holding onto a temporary ascending trend line, but a drop in activity might lead to a breakdown. Ripple is in a descending channel, though the recent drop in volume makes future movements unpredictable. Cardano shows stability, balancing between resistance and support levels, but could move downward if bearish sentiment prevails. Solana showed strength previously but failed to break above the 200-day SMA, remaining pressured.
Potential Trends and Expectations
Options on Bitcoin and Ethereum expiring today are expected to increase market volatility. Amid these events, the market may exhibit sharp movements.
Given the current market conditions, cryptocurrencies may experience extended fluctuations, though outlooks for the future suggest potential points of growth and decline.
