Prices remain soft across the market as traders await Federal Reserve Chair Jerome Powell’s statement on the size of the next interest rate hike.
At the moment, the market consensus is a 0.75 bps rate hike and a sliver of analysts are banking on 1%.
Stocks also appear en-route to close the day in the red, with the Dow down 0.75%, and the S&P 500 and Nasdaq registering a 0.79% and 0.64% loss. Bitcoin continues to fight what appears to be a losing battle at the $19,000 mark, while Ether (ETH) dug a little deeper into its post-Merge dip by making an intra-day low at $1,329.
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Algorand’s (ALGO) market structure also looks interesting. Price fully retraced the complete bull market rally and now trades in the same range as it did in 2019 and 2020. Occasional buy volume pops haven’t been sustained for long enough to clear the $0.40 level, but things could get spicy if a few daily closes above this zone and a test of the 200-MA at $0.48 occurred.
If the wider market began to consolidate and ALGO buy volume sustains, flipping this moving average to support could see upside to $0.69, and daily closes above $0.80 would set a significant higher high that would indicate confirmation of a trend reversal.
As a disclaimer, these charts simply reflect assets that look “interesting.” Currently, the market is still overwhelmingly bearish and large caps like BTC and ETH have yet to find a bottom.
Ultimately, it’s the Federal Reserve that is calling the shots on what happens in risk assets like crypto. So take these snapshots with a grain of salt and proceed with caution.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
