From some cryptocurrencies being numb to rate cuts while Binance token reaches new all-time highs to Solana prepping for a new all-time, this week’s wrap can’t get more interesting.
The build-up to the Federal Open Market Committee that was held this week was like the ‘storm before the calm’. Up until September 16-17, there was so much drama around the rate cuts and how crypto prices would increase drastically with less interest. But come the rate cut figures, the excitement died like a popped can of Soda, tsss—pop, a little sizzling sound, and silence. So the calm followed the storm.
But why did this happen?
Well, that whole dramatic excitement surrounding the rate cut was dumbed down like a belly flop splash, because the market had already absorbed the rate cuts, and there was nothing special coming from a 0.25% cut. However, we could be happy because at least US President Donald Trump’s 9-month ardent plea did not fall on deaf ears.
Bitcoin struggles to maintain uptrend
Just after the rate of Bitcoin dipped a little bit, but then again, the flagship cryptocurrency appreciated and reached its highest price of $117.8K during the past two days before crashing again. At press time, Bitcoin is priced at $115.9K as it tries hard to make a new higher low. If Bitcoin fails to maintain its trajectory along the trendline, it could fall to $112K.
Crypto investor, CryptoELITES, saw Bitcoin forming bull flags and breaking upwards. After breaking out from two previous bull flags, BTC gained value. With BTC forming another bull flag, the investor expects the price to once again appreciate based on its historic behavior.
Ethereum’s pattern could break out to $5,500
Ethereum is currently forming a symmetrical triangle, which could break out, and ETH could cross $5,500. The Relative Strength Index supports this thesis as it is not overbought, and as such, there is some bandwidth for the market to work with.
Solana set to reach a new all-time high
Solana captured the 6th place among the trending coins on social media as per Santiment. The token has been at the forefront when it comes to development and developer activity. On top of that, many companies are also setting up their own treasuries. With such a bullish narrative, an investor stated that SOL could be set to reach a new all-time high–$325.
BNB crossed 4 digits
Binance exchange’s token BNB reached a new all-time high despite trading inside a bearish rising wedge. Since BNB has broken the shackles and produced a higher high, above the bearish rising wedge, the community is expecting BNB to reach higher altitudes.
What to expect?
CryptoELITES saw the stablecoin (USDT and USDC) dominance reached a pivotal point. It is about to break down from a symmetrical triangle. When this happens its means that money is moving out of the stablecoins and into altcoins, which could be the start of the next big rally.
Additionally, speaking to a prominent media, Bridgewater founder Ray Dalio stated, “ that gold and non-fiat currencies will become stronger stores of value as major currencies face devaluation risks amid mounting debt pressures globally.”
With the dollar losing value and the investor search for better store of value, gold and cryptocurrencies would be favored. With investors migrating to non fiat currencies the altcoins will appreciate and there will more new all time highs coming in the coming week.
