The FOMC announcement of a 0.50% rate hike was the largest rate increase since 2000. The FED is now targeting interest rates between 0.75% and 1.00% not the 2.5% some officials were advocating on behalf. This event led to a moderate rally across crypto.
BTC -0.79%
Overall on the week, BTC price is flat. But it's not the full story. Last Friday and Saturday, price dropped 5.29%. Possibly in anticipation of a negative FOMC meeting. Before and after yesterday's meeting, price increase shot up 4.46% back to straddling $50K CAD.
On the daily timeframe, BTC just made a recent low and appears to be oscillating between the $47K and $53K CAD support and resistance levels. There's still significant volume happening around the $50K CAD mark.
ETH -0.51%
ETH's daily chart followed a virtually identical path as BTC. Recouping the majority of it's losses on the week yesterday. Price is sitting below the 200 and 50 EMAs. The MACD is teasing a bullish crossover. Price is sitting in a key support and resistance point of $3700 CAD.
Irrelevant to the weekly market recap, but $44K USD in ETH gas fees seems a little excessive.
SOL -6.87%
SOL had an interesting week. On Saturday, SOL went down for around 7hrs. The network was flooded with a large NFT mint. Sparking fear in SOL investors. Price closed that day -10%. Price did rally +8% along with BTC.
ADA +5.05%
ADA price jumped 16.68% yesterday. Price is still down quite significantly from is $3.92 CAD ATH. But, interest and activity on ADA has been increasing, with whales accumulating over 200 million in recent weeks. There's also a hard fork scheduled for June, which could be something to keep an eye on.
LTC +2.39%
Similar week to ADA. Two down days, last Friday and Saturday. Then two up days, Monday and yesterday. Price rose 10% over those two days. With LTC trading volumes way down from 2021 and uncertainty in the crypto markets, will price stabilize at or above the $130 CAD support level?
SUSHI -15.03%
The SUSHI daily chart pattern closely resembles BTC. The losses and gains are just multiplied between 3x and 4x. It's still in a downtrend, making lower-highs and lower-lows. The last lower-low occurring on 04/30/2022. In a year, SUSHI has lost 2.4BB of market cap.
Other Coins
They were highly correlated to Bitcoin and the overall crypto markets, except for USDC.
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