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.
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'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 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 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.
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?
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.
They were highly correlated to Bitcoin and the overall crypto markets, except for USDC.
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