Several altcoins have experienced daily losses exceeding 10%, as ETH continues to hover around the $3,550 mark. This month witnessed a favorable and notable uptrend, but the markets’ disregard for scheduled announcements didn’t last long. As with every Federal Reserve meeting, investors have commenced profit-taking strategies in preparation for the upcoming meeting.
Analysis of ETHBTC Chart
Gains exceeding 40% have been quite satisfactory for short-term investors, making it unreasonable for them to take risks associated with the Federal Reserve meeting. While there are still strong reasons for continued upward movement, it was challenging to avoid the anticipated correction in the short term. As mentioned two days ago, after ETHBTC parity’s bounce from resistance, the scenario progressed towards our expectations, and indeed, it materialized.
We wrote about the progression towards a test at the 0.033BTC level, suggesting significant gains for altcoins during this process. However, resistance could not be overcome due to profit-taking, leading to a retreat towards the 0.03 level, as anticipated. If concerns related to the Federal Reserve persist, closures below 0.0294 could trigger more altcoin sales, with losses extending towards the 0.0276 and 0.027 levels.
The 0.0262 zone remains a critical point where it will be determined whether the recent rally will continue after a few weeks’ pause. Losing this level would be painful, possibly bringing a 0.0249 test into play. Currently, the main chart to watch is this one, and a test of $3,400 for ETH seems possible in the short term, albeit with a lower wick.
Insights on FLOKI Coin
At the time of this writing, Trump is commenting on AI. DOGE, SHIB, XRP, ADA, and SOL are continuing their day with losses ranging between 7% and 12%. Moustache believes that we might observe further rises for FLOKI Coin, especially since BNB Coin has reached an all-time high recently.
“After four months since the last FLOKI shipment, the price increased by 150%. BNB reached a new ATH recently. As the most popular meme on the BNB network, this is extremely positive for FLOKI. It’s not over yet. Wait until the breakout upwards.”
Of course, Moustache cannot predict the future, and the quoted four-month period saw significant losses as well. If ETH initiates a swift turnaround, the scenario projected for FLOKI Coin may unfold. However, the current outlook remains quite risky.
