Crypto Prices React to Fed’s Rate Pause Decision
Cryptocurrency prices experienced a slight drop on Friday as market participants reacted to the Federal Open Markets Committee’s (FOMC) decision to pause rate hikes. Despite this, Conflux (CFX) showed strength with a 1% daily increase while other major cryptocurrencies saw declines. Bitcoin (BTC) dipped below the $27,000 mark in response to Fed Chair Jerome Powell’s remarks, but there was no significant volatility in the crypto market.
Traders React to FOMC Decision
Jelle, a renowned crypto and stock investor, expressed that the rate pause announcement by the Fed was not surprising and relieved traders from FOMC-related uncertainties. He stated that although the price remained stable, it was a relief not to have the FOMC hanging over their heads. Jelle shared a BTC/USD chart and predicted that the price would continue to be rangebound until there is evidence of a breakout.
Conflux Price Targets $0.166 Level
The price movement of Conflux (CFX) mirrored the rangebound trend seen in other cryptocurrencies. CFX traded within a range of $0.1122 and $0.1384. However, CFX broke above a significant descending trendline that had been suppressing its price since April. Traders acknowledged this breakout and believed it indicated a bullish short-term roadmap for CFX, with potential areas around $0.163.
CFX Consolidates Within Range
The current setup for CFX suggests that it is still consolidating within its range without a clear directional bias. The flattening of the SMAs (Simple Moving Averages) and sideways movement of the RSI (Relative Strength Index) support this technical outlook. The balance between buying and selling pressure indicates that CFX could move in either direction.
Possible Scenarios for CFX
For CFX to move in favor of the bulls, it needs to break out of consolidation and close above the upper limit of the range at $0.138. This would open the way for a rise towards the 100-day SMA at $0.166. On the other hand, if CFX produces a daily candlestick close below the lower limit of the range at $0.112, it would indicate a bearish breakout with sellers targeting the $0.05 psychological level.
Alternative Cryptocurrency: Wall Street Memes (WSM)
As traders await a decisive breakout from consolidation in CFX, they may consider exploring other low-cap altcoins with potential for high returns in 2023. One such cryptocurrency is Wall Street Memes (WSM), which has gained popularity during the summer. With over $25 million raised during its presale and a dedicated following of over one million supporters, WSM is poised to become one of the standout meme coin launches of 2023.
Hot Take: Wall Street Memes Could be the Best Crypto to Buy in 2023
The success and enthusiasm surrounding Wall Street Memes’ presale have positioned it as a promising investment opportunity. As it prepares for a Tier-1 centralized exchange listing, its momentum and community support are expected to drive its market performance. Analysts like Jacob Crypto Bury have highlighted WSM as a top crypto to buy in 2023. To participate in the WSM presale or learn more about buying Bitcoin, click here.
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