How Will Cryptocurrencies Perform After Fed’s Decision?
Release: 2024/05/03 00:44 Reading: 228
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The cryptocurrency market is beginning to heal following the Federal Reserve’s decision. Statements made by Chairman Jerome Powell play a significant role for risky investment assets. With the recent rise in Bitcoin, this week’s token unlocking events like OP, DYDX, and SHIB are drawing attention.
Optimism Chart Analysis
The daily OP chart analysis highlights a rising trend line that has been providing crucial clues to investors for nearly five months. However, a drop in March caused OP prices to lose momentum. The recent surge where the EMA 200 (red line) acted as resistance could spell a negative phase for OP.
Key support levels to watch for OP are; $2.61, $2.59, and $2.06 respectively. Particularly, a daily bar closing below the $2.59 level, which is the EMA 21 (green line) average, will cause OP prices to lose momentum. The resistance levels to monitor are; $2.82, $3.24, and $4.00 respectively.
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DYDX Chart Analysis
The daily DYDX chart used to emphasize the importance of a rising trend line until the end of April, but recent selling pressure has introduced significant bearishness for DYDX. The recent upward move where the EMA 9 (blue line) acted as resistance could accelerate a negative trend for DYDX in the short term.
Important support levels to follow on the daily DYDX chart are; $2.00, $1.88, and $1.68 respectively. Especially, a daily bar closing below the $1.88 level will cause DYDX prices to lose momentum. The critical resistance levels to watch are; $2.13, $2.45, and $2.90 respectively.
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Shiba Inu Chart Analysis
The four-hour SHIB chart shows a falling channel formation that has been providing important clues in recent days. The price’s rise without touching the support line is noteworthy. SHIB’s momentum is up as it manages to close above the EMA 9 average.
The most important support level to monitor on the four-hour SHIB chart is $0.00002087. A four-hour bar closing below this level will cause SHIB prices to lose momentum. The critical resistance level to watch is $0.00002462.
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The post first appeared on COINTURK NEWS: How Will Cryptocurrencies Perform After Fed’s Decision?
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