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Tuesday, February 7, 2023

Crypto And Stocks Soften Ahead Of Fed Rate Hike: XRP ALGO And LDO Still Looks Interesting

Even if the stock and cryptocurrency markets are still correcting ahead of Rate Hike, there are plenty of investment opportunities.

As traders wait for Jerome Powell, the chairman of the Federal Reserve, to announce the extent of the next interest rate hike, prices are still low across the board.

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Currently, a 0.75 basis point rate hike is the market consensus, with 1% being the prediction of a small number of analysts.

Stocks look to be on track to end the day in the red, with the Dow down 0.75%, the S&P 500 down 0.79%, and the Nasdaq down 0.64%. At $19,000, Bitcoin (BTC) is still fighting what seems to be an uphill battle, while Ether (ETH) went a little bit further into its post-Merge decline by recording an intraday low at 1329USDs.

ALGO LDO And XRP Looking Interesting Despite Crypto And Stocks Soften Ahead Rate Hike: 

While BTC, ETH, and altcoins aren’t defying the decline in any major ways, a few fascinating changes are happening from the viewpoint of market structure and technical analysis.

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Now that the rate hike around the Merge-trade has died down, Lido (LDO) has corrected with Ethereum, although the asset is trading in what some would call a bull flag. The Merge was successful, stakers and validators continue to receive a dividend from the cryptocurrency, and the factors that first made investors optimistic about Ether are still in place. ETH bulls and traders may have made money on their long Ether bets.

Ripple (XRP) is intriguing from the market structure perspective, and there has recently been a tonne of social buzz on Twitter. Members of the XRP army have been saying that if XRP wins its SEC lawsuit and is not labeled security, the price might “moon,” in keeping with the usual hopium-laced storyline.


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