The post Crypto Markets Remain Heavily Consolidated, While Some Altcoins Preparing for a Breakout! appeared first on Coinpedia Fintech News
The broader crypto markets are experiencing a huge bearish pressure ahead of the FOMC meeting. The global market cap which had recovered above $1trillion again dropped below the levels while the trading volume also dropped nearly 4% majorly holding the buying volume. In a deep red sea, some altcoins manage to remain greener!
Ripple (XRP)
- Ripple price, recently, broke out of the descending parallel channel and ranged beyond $0.42 in no time. However, the bears quickly attempted to drag the price lower, yet the bulls managed to close the previous day’s trade above $0.4
- While the price is undergoing a minor correction as the bulls seem to have exhausted. However, the buying pressure continues to squeeze the bears and hence after a brief consolidation, the price may rise high
- Therefore, with a daily close above the resistance of the channel, the price may further hit the pivotal levels above $0.5 and secure the positions at $0.52
- If the XRP price successfully withstands the bearish pressure at these levels, then a rally beyond $0.65 could be imminent
Lido DAO Token
- Lido DAO token appears to have been trading within a bullish falling wedge & looking for a breakout soon
- While the FOMC meeting is underway, the asset appears to be gearing up to break above the crucial resistance levels.Â
- Additionally, the price is also formed a huge bull flag & heading towards the peak of the consolidation which could further result in a major breakout in the coming days
- With a breakout, the probabilities of the price reaching the August highs are fewer but may make it beyond $2.2 or $2.4.
