Cryptocurrency Market Braces for a Pivotal Week Ahead

0

This coming week in the cryptocurrency market looks like a big game especially considering some important macroeconomic events. Federal Reserve meetings throughout the year 2023 have received different degrees of interest ranging from indifferent to essential ones. Such include crucial ones such as meetings during the banking crisis and others which have not been very significant. However, this week’s Fed meeting is expected to be very crucial.

What effect does the Fed meeting have on Bitcoin

By the close of Wednesday, we shall have learned some important information such as November’s inflation information, Fed interest rate decision and also 3 year projections for Fed interest rate set by members of Fed. It emphasizes on the member forecasts of three year interest. Inflation in November will also influence the message that Fed Chair Jerome Powell speaks in October. The current data on wages and hiring activity has triggered an elevated market nervousness among investors who are being careful. One should be on guard against surprises that may occur during Powell`s speech or inflation outlook and interest rates projections.

The U.S. has implemented a very strict crypto KYC proposal which makes traders in the region nervous for a minimum of three days that might reduce their anticipation for the ETF.

The speculations about price of LUNC coin for Terra classic

The coin currently known as LUNC, is likely to be at risk due to the fact that there is a possibility that Bitcoin will make changes in its price. In its infancy stage its functions are quite few but it has attracted attention like any meme coin particularly after a proposal to restore ecosystem tokens with Luna and USTc following collapse.

Luna Coin Chart

The Chart of Luna Coin

By the time this was written about, Terra Classic was already beneath $0.00018 support price. The bull flag pattern on a four-hour chart suggests that maybe after the current consolidation, we may see a take off for LUNC towards US Dollars 0.00038. Nevertheless, this rests on bitcoins exceeding $ 42,000, as well as the market’s reduced fear.

It is highly unlikely that there will be a great movement on Bitcoins before close of Wednesday’s Fed meeting. A fall to $0.00015 may happen if LUNC Coin cannot display positive divergence.

Share.

About Author

Disclaimer: All content found on thecryptotime.com is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

Leave A Reply