Investors watch the cryptocurrency market closely in anticipation of Powell's remarks, particularly after hints at maintaining current interest rates. The article analyzes the future prospects for Shiba, AVAX, ADA, and XRP.
Insights on Shiba and AVAX
Today, Powell is expected to make relatively positive statements to avoid worsening the overall market downturn. Developments in artificial intelligence have significantly impacted U.S.-based tech companies, leading to new lows for altcoins under BTC leadership.
Shiba Inu's rise since September peaked at 157% over 81 days, reaching $0.0000333 on December 8. However, a subsequent 46-day decline erased 46% of its value, leaving a possibility of testing the $0.0000166 support level.
AVAX faces pressure after losing the $35 range, with attempts around $30.6. Due to insufficient gains and interest, this altcoin is experiencing growing negativity. In extreme sell-offs, it may test $24.80, but recovery requires reclaiming milestones of $35, $38, and $42.
Analysis of ADA and XRP
The Cardano team shared details about their new roadmap today, focusing on decentralization to achieve significant progress on the mainnet. For a genuine rally this year, the ADA team must achieve major advancements before the second quarter ends.
ADA Coin must hold the $1.02 support for an upward trend; otherwise, the next support point is $0.846. Below that, extreme selling could see it drop to $0.70, necessitating a halt in its decline for recovery.
Gensler left his position nine days ago and has returned to MIT. The new SEC leadership is very crypto-friendly and has started taking swift actions regarding cryptocurrencies. However, due to overall market negativity, XRP Coin struggles to maintain a position above $3.2. Much of the SEC's influence is already priced in, and XRP Coin seems to require a broader market sentiment recovery.
Market Sentiment Overview
Cryptocurrency investors focus on the anticipation of upcoming remarks by Powell, especially given the potential changes in interest rates. Market participants actively observe changes and strategic developments by major players.
Powell's forthcoming comments could significantly influence cryptocurrency investment strategies. As the market awaits clearer signals, participants seek opportunities in a volatile environment.
