By Solomon Odunayo
Excluding stablecoins Tron and Tether, most crypto assets traded lower today. Avalanche lost more than 5%, followed by Polkadot and Solana’s 4% decline. Moreover, Ethereum surrendered 3%.
Bitcoin and most cryptocurrencies dipped into the red again, following some decent upticks on Wednesday. The cryptocurrency market shows volatility signals while trading within a range. Meanwhile, bears remain prevalent in the financial world.
The marketplace continues to struggle amid inflation and geopolitical worries. The latest U.S Fed meeting had officials emphasizing more rates, planning a 0.5% hike in the upcoming two meetings. The updates sent risk assets lower.
Excluding stablecoins TRX and USDT, most large-cap tokens traded lower on Thursday. AVAX dropped more than 5%, while Polkadot and Solana lost 4% each. Moreover, ETH she over 3% within the previous 24 hours.
The bearish tendencies dragged the global crypto market capitalization lower again. Furthermore, the market remains primed for further declines in the coming hours.
Expert View
CoinDCX Research Team stated that the equity markets noted an increase today as Fed revealed being nimble as far as economic policies are concerned. It added that economic catalyst absence and escalating inflation had market players believing in an impending recession.
Nevertheless, market retracements aren’t always negative. They might be healthy to reset investor expectations and market valuations for long-term market growth.
Vauld CEO Darshan Bathija stated that the U.S Fed meeting confirmed more rates in the upcoming meeting, addressing inflation concerns.
Giouttus Exchange Tech View
AXS is a gaming token that allows holders to claim rewards after staking assets, paying the game, and during governance participation.
Despite the remarkable 2021 actions, the alternative coin lost more than 85% since 2022 started. AXS surrendered the long-term support at $38 in April and dropped 46%.
Recovery attempts from May declines had the alt creating multiple lower highs before tipping into a constricted range, forming an ascending triangle. 23 May saw AXS losing the $21.4 support and appeared to breach the triangle support to the downside.
Continued downtrends will see the alt at the $16.40 support barrier. Meanwhile, a move past the $23 psychological resistance would pause further declines.