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At its February meeting, the Federal Open Market Committee (FOMC) announced a 25 basis point increase in interest rates. However, as market participants expected these figures in advance, the crypto market started surging minutes after the actual Fed announcement. In the last 24 hours, the global crypto market cap has increased by 3.82% and reached the $1.09 Trillion mark. Thus, with the mood of uncertainty easing in the market, we analyze some of the top winners amid these events and identify their targets in the near term.
Optimism (OP)
Source- Tradingview
Amidst the new year recovery in the Crypto market, Optimism token is showing a textbook example of a basic rounding pattern. Moreover, on January 20, the bullish breakout of the $2 neckline resistance of this pattern showed the first sign of a significant bull run.
However, the two weeks leading up to the FOMC meeting were extremely volatile, causing the OP token to consolidate in a narrow range above $2. However, following the announcement, the price of the coin witnessed an intraday spike of 26% on February 1st.
This bullish break marked the release of trapped bullish momentum and a possible continuation of the bullish trend higher. The Optimism token is currently trading at $2.71, and under favorable bullish conditions, buyers could push the price as high as 30% to reach the $3.5 mark.
Synthetic(SNX)
Source- Tradingview
In the daily time frame chart the Synthetix token price shows the formation of a cup and handle pattern. As such, the last two weeks of consolidation in these tokens are part of the hold and indicate a continuation of the price above the newly reclaimed levels.
On February 1, the coin’s price rebounded from the $2.18 support, with 17.85% covering the bullish candle. Moreover, the price of the SNX is currently trading at $2.71 and is approaching a bullish breakout of the $2.75 neckline resistance.
In an ideal bullish scenario, this break could push the coin 50% higher to reach the $4 psychological resistance.
Circle (LRC)
Source- Tradingview
The price of the loopring coin has shown a V-shaped recovery in the last two weeks, which is a sign of aggressive buying and an optimistic outlook from market participants. Furthermore, On February 1, the loopring coin experienced an intraday gain of 13.25% and broke through its November 2022 peak of $0.373. This break should offer coin buyers a suitable footing to fuel a further bullish recovery.
LRC is currently trading at $0.407, and with continued buying, it could go 22.5% higher to reach the $0.5 mark.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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