The whole crypto tribe is eager about the upcoming FOMC decision regarding interest rates. The meeting is expected to keep the rates unchanged. However, with that, there is a 3.1% chance that the interest rate may spill out of the bracket of 4.25 to 4.5%.
What Fed Chair Jerome Powell says now would be crucial. His commentary will pave the way for the market going forward.
The faltering Coins
In the last 24 hours, the two memecoins have fallen approximately 1.3%. The prices have also gone down 8.6% within just 7 days. For example, the once-favorite coin Doge is trailing at only a price point of 0.16. It is just by 2% and counting within the last 24 hours.
The RSI also shows that Doge is gradually swimming towards the oversold region. In other words, the amplified momentum is about to slip.
On the other hand, Shiba’s 4-hour chart shows a major bearish landscape. The sloping RSI shows that Shiba is also hovering near the same oversold region.
The RSI index is driven by the strong selling pressure both coins face, especially SHIB. However, the worst part is that a recovery in the near term is also unlikely.
Turbo Takes Charge
Amongst the drowning market, Turbo has taken a massive charge. In only 30 days, the coin has grown 250%. At press time, the price of the coin is $0.0060. A huge hike compared to the April low of $0.0013.
The market can see huge liquidations from the major coins in the coming weeks. Instead, coins like Turbo will gain traction for their innovations!
