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June 16, 2024
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Crypto Markets Remain Heavily Consolidated, While Some Altcoins Preparing for a Breakout!

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. 
  • 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.

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