🚨 Crypto Scoop: Top Web3 Trends You Can’t Afford to Miss

📰 News

📢 FOMC Meeting: Bitcoin Price to $100K or $110K As Fed Rate Cut Decision Looms?

Analysts suggest Bitcoin price could either dip below $100K or surge above $110K depending on Powell’s tone at FOMC meeting today.

FOMC Meeting Crucial for Bitcoin Price Next Direction

Market analysts expect the Fed Chairman Jerome Powell to keep interest rates unchanged during its policy decision today. However, investors will have a close watch on Powell’s future guidance regarding potential Fed rate cuts in the year ahead. So far, market expectations have been for two Fed rate cuts by the year-end.

However, analysts suggest the Fed might reduce rates just once in 2024, a more conservative stance compared to previous expectations. Amid these hawkish expectations, Bitcoin price has already seen a pullback under $104,000 earlier today. If Jerome Powell maintains a hawkish outlook on monetary policy, it might drive the BTC price under $100K.

Conversely, a dovish stance, indicating a softer approach, could spark a rally in financial markets, potentially pushing Bitcoin above the $110,000 mark. Currently, BTC is trading near $105,000 as traders await the Fed’s decision at the FOMC meeting. Altcoin markets remain subdued, reflecting broader caution.

🏛 Donald Trump Pushes For Interest Rate Cuts Ahead FOMC Decision Today

US President Donald Trump has again called for Powell and the Fed to cut interest rates ahead of the FOMC decision on a rate cut today.

Donald Trump Urges Powell & The Fed To Lower Rates

Speaking at the Flagpole installation at the White House, the US President again reiterated that the Fed should cut interest rates, noting that they would be able to buy debt for a lot less if this happens.

As CoinGape reported earlier, the FOMC meeting will take place today, with an announcement on a rate cut coming at 2 pm ET, followed by Powell’s speech at 2:30 pm ET. The Fed is likely to keep interest rates unchanged, with CME FedWatch data also showing that there is a 99.9% chance this would happen.

📊 Markets

🐋 Is HYPE Price Poised for Another 70% Rally as Whales Open $12M Longs?

Explore whether HYPE price can print a fresh all-time high if it rallies by another 70% to $68 amid bullish pressure and whale interest.

Is HYPE Price Eyeing Another 70% Rally?

After recording an uninterrupted upward trend since April, the HYPE token has formed an ascending parallel channel, which shows that buyers have remained in control of the price action for more than two months.

At press time, HYPE price was testing the lower support level in this pattern after buying strength waned as some traders took profits at the all-time high price. If it can bounce from this support level with strong buy volumes, it will likely aid another rally to fresh highs.

The RSI indicator also shows a bullish HYPE price forecast because, despite retreating to the lower support line, the momentum is still bullish due to the reading of 60. If it can create a higher low and overcome the resistance at the upper trendline of the ascending channel at $46, it may rise by 70% to print a fresh ATH at $68.

However, there is a need for caution as the AO histogram bars suggest that the bullish trend is growing weaker. If there is no shift in this outlook as the token’s price tests the lower boundary support, it may invalidate the bullish outlook and force it to drop to the 61.8% Fibonacci level of $32.

Among the factors that could aid a 70% rally for HYPE price to $68 is growing institutional interest after Nasdaq-listed company Eyenovia launched a Hyperliquid Treasury as it invests $50 million to purchase tokens.

⚠️ Rising Wedge Predicts XRP Price May Crash 10% Amid 200M Whale Selloff

XRP price faces a 10% drop to $1.85 as a bearish rising wedge pattern emerges as whales dump 200 million Ripple tokens un under two weeks.

XRP Price Faces 10% Drop Amid Rising Wedge Pattern

XRP price is facing another crash after a rising wedge pattern emerged on the four-hour chart, indicating that the short-term momentum is about to turn bearish. This pattern appears when the price is making higher highs, albeit with higher lows, indicating that the buying pressure is gradually growing weaker.

XRP is tipping south again, and it is now testing the lower boundary support line. If this support fails to hold, then a more than 10% crash may ensue from the lower boundary line to $1.85. This decline will add weight to a recent analysis by CoinGape, noting that Ripple’s price risks a crash to $1.80.

The MACD indicator supports this bearish argument around XRP price after it formed a sell signal when the MACD line fell below the signal line. It has also crossed over below the signal line as the MACD histogram bars turn red, which is a sign that the sell-side pressure is strong.

A similar outlook is also portrayed by the Directional Movement Indicator (DMI) as the positive DI tips south when the negative one tips north. This further confirms that the trend is bearish, making an 11% crash more likely to happen if support at the $2.08 price fails to hold.

For the XRP price to invalidate this bearish outlook, it first needs to overcome the resistance level that lies at $2.33. If the price can move above this resistance due to positive catalysts, such as the Ripple vs. SEC lawsuit that is nearing its end.