Crypto Market Adjusts as Fed Decision Looms
This week, cryptocurrency prices have taken a step back as investors await the Federal Reserve’s interest rate decision on Wednesday. Bitcoin (BTC) has retreated from it’s recent high of $97,000 to $93,700. Simultaneously occurring, Ethereum (ETH) continues to hover below $2,000. The total crypto market cap now stands at $2.9 trillion, with the fear and greed index at a neutral level.
Despite the pullback, there are positive signs. Spot Bitcoin ETF assets have increased by $5 billion in the past two weeks, indicating ongoing institutional interest.Analysts and Polymarket traders predict three interest rate cuts this year, which could be good news for Bitcoin and altcoins.
Some top cryptocurrencies to consider include Polkadot (DOT), Chainlink (LINK), Uniswap (UNI), and Sonic (S).
polkadot: A Contrarian Play
Polkadot is near its all-time low,making it an attractive contrarian bet. It has strong support at $3.82, forming a quadruple-bottom pattern with a neckline at $11.57. If this pattern holds, DOT could surge by nearly 200%. it also boasts a high staking yield of 11.5% and is nearing the final stage of Polkadot 2.0.
Chainlink: Strong Fundamentals and Technicals
Chainlink is the leading oracle network, connecting off-chain data to blockchains. Its Cross-Chain Interoperability Protocol is a standard in Real World Asset tokenization. Technically, LINK has formed a falling wedge and an inverse head and shoulders pattern, suggesting a potential bullish reversal.
Uniswap: Dominating the DEX space
Uniswap, the largest decentralized exchange, has seen a 74% drop from its peak. Though, it still handles over $51 billion in transactions monthly. Its Unichain layer-2 network has also gained traction,handling over $4.2 billion in assets.
sonic: Rapid Growth in the Ecosystem
Sonic, formerly Fantom, is one of the fastest-growing chains. It has over 69 dApps with a total value locked of $1 billion. Its DEX networks have processed $784 million in the last week. An inverse head and shoulders pattern on the four-hour chart suggests a potential rebound.
