Altcoins May Thrive Ahead of FOMC Meeting: Polygon(MATIC) & Cardano(ADA) Price May Explode
The post Altcoins May Thrive Ahead of FOMC Meeting: Polygon(MATIC) & Cardano(ADA) Price May Explode appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide Big day knocks on the crypto space as the July FED rates...
Big day knocks on the crypto space as the July FED rates are all set to shake up the markets. For the past couple of months, the FOMC meeting schedules have induced high volatility within the crypto space. Mainly due to the reason that the US inflation rates have climbed to a 42-year high and are expected to surge by another 75 bps.
Additionally, the big tech giant’s earnings will also be rolled out soon. This may fuel the induced trend by the FOMC meeting, this weekend.
Therefore, while many analysts predict Bitcoin may find new lows, some of the altcoins are expected to skyrocket.
Polygon price is attempting to make a positive move ahead of the FOMC meeting as a nice curve much above the lower support of the ascending channel is witnessed. Amid the previous day’s price drain, the asset was expected to drop down below $0.7.
However, as the updated inflation rates are expected to go higher, the crypto space including MATIC price is subjected to act accordingly.
As significant volatility is fast approaching, the MATIC price is expected to climb above $0.86 and in an extended bullish case may also surge above $0.9. However, a pullback is also expected but the bulls seem to be poised and elevate the MATIC price close to $1 levels.
Cardano (ADA) Price
Cardano’s price was on its way to testing the lower support below $0.45 after being rejected from $0.5. However, the upcoming event appears to have induced a notable bullish momentum and hence the buying volume has raised with a decent margin.
Therefore, the next 24 to 48 hours may be pretty crucial for the ADA price as the asset has a golden opportunity to break the bearish pattern and surge high.
As seen in the chart the asset is very close to the apex of the descending triangle and as an outcome, the price was pre-determined to hit the lower support. With the upcoming volatility, the asset is expected to regain the lost level above $0.5 initially. However, if the asset successfully sustains above these levels, then a significant jump targeting $1 may be imminent.
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