Is the Dump Before the FOMC Meeting a Sign of a Bigger Correction?
As the Federal Reserve’s FOMC meeting approaches, both Bitcoin and altcoins are experiencing a dip in their prices. But is this just a temporary dump or could it indicate a larger correction in the market?
Concerns for Solana (SOL)
Solana (SOL), a popular choice among crypto investors, has seen a drop of almost 3% today, following a 3.3% decrease on Monday. This decline may be due to the awaited Jupiter airdrop, which is scheduled to take place today.
Looking at the chart, it appears that SOL may find support around the $95 level, coinciding with a downward trend line, suggesting a potential bounce.
SUI Continues to Form Bull Flag
Another altcoin, Sui (SUI), is currently forming a bull flag pattern. Based on previous patterns, it is likely to break out to the upside. If a wick occurs or the bull flag is invalidated, support can be found at $1.43.
Will the Altcoins Bounce Back?
These are just two examples of altcoins performing well. If history repeats itself and the FOMC meeting follows a familiar pattern, we may see a return to positive price movements for altcoins by the end of the day. However, it’s important to exercise caution when trading.
Hot Take: Altcoin Market Faces Uncertainty Ahead of FOMC Meeting
The altcoin market is experiencing a dip in prices as the Federal Reserve’s FOMC meeting approaches. While this may be a typical pre-meeting dump, there are concerns about a potential larger correction. Solana (SOL) and Sui (SUI) are two altcoins to watch, with SOL potentially finding support around $95 and SUI forming a bull flag pattern. Whether the altcoins will bounce back after the meeting remains uncertain. Investors should approach trading with caution during this period of market volatility.
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