Crypto and stocks soften ahead of Fed rate hike, but XRP, ALGO and LDO look ‘interesting’
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.
While BTC, Ether and altcoins aren’t making any notable moves that defy the current downtrend, from the perspective of market structure and technical analysis, there are a few interesting developments occurring.
Lido (LDO) has corrected alongside Ethereum now that the Merge-trade fervor has subsided, but the asset currently trades in what some would say is a bull flag. While ETH bulls and traders might have taken profits on their long Ether positions, the Merge was a success, stakers and validators still derive yield from the altcoin and the fundamentals that turned investors bullish on Ether remain present.
Ideally, if Ether's DApps and active users continue to expand and traders keep accumulating, then in an otherwise down market, yield should be a capital magnet no?
From a market structure point of view Ripple (XRP) looks interesting, and there’s been a ton of social chatter about it on Twitter lately. Following the usual hopium-laced narrative, members of the XRP army have been suggesting that if XRP beats its SEC case and is not deemed a security, the price could “moon.”
Of course, solid fundamentals and signs of growth via new address and an
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