The macroeconomic situation is a strong indicator of where the crypto market is headed. In this case, the March 22 interest rate hike announcement of the US Federal Reserve and the FOMC Meeting Minutes would decide the fate of both equities and cryptos.
Such a situation refers to the overall economic conditions that affect an entire economy, including factors such as gross domestic product (GDP), inflation, unemployment rates, and interest rates. Changes in this specific environment can have a significant impact on financial markets, including the cryptocurrency market.
We have listed five cryptos with a big potential for a price increase as the markets await the Fed decision tomorrow.
5 Cryptos To Watch Before Fed Interest Hike Decision
FLOW
As the market rallied, FLOW rose significantly in price as it benefitted from its high correlation with Bitcoin. According to CoinGecko, FLOW is up nearly 15% weekly.
The token’s support at $0.937 should be able to hold any advances by the bears in case they make a move. Current resistance lies at $1.191, which contains FLOW’s November 2022 price levels. If this resistance flips to support, FLOW will have enough headroom to retest $1.939 in the long term.
FIL
Filecoin has been going up as soon as its Filecoin Virtual Machine was launched. The deployment of the virtual machine would allow developers to deploy smart contracts. It also opens the Filecoin community to a whole new experience.
FIL’s resistance at $6.4 is currently holding the token on the edge of a downward spiral. If the bulls fail to break through this resistance, the token might fall to its crucial support at $4.881. However, defending the current support at $5.8 will be an essential step in breaking through the $6.4 resistance.
XDC
The XDC Network is a fork of Ethereum that uses a delegated proof-of-stake (dPoS) mechanism. This makes the network faster and more efficient than Ethereum with the network processing a whopping 2,000 transactions per second according to their website.
The native token of the network, XDC, has been performing exactly as the cryptos market, presenting a nearly 27% increase, in the last week. The token is on the path of flipping the $0.038 resistance to support, an event that can happen in the next couple of days.
This bullish price movement might leave bulls exhausted in the short term. However, XDC bulls can reliably defend $0.03473 if a correction comes as technicals show a slowing bullish momentum.
ZIL
Zilliqa’s decentralized ecosystem has been growing in popularity for DeFi users. The ecosystem’s official Twitter account recently disclosed that EVM compatibility will be coming on the Ziliqa mainnet. This development would enable developers to deploy Solidity dApps on-chain.
The token is currently trading on a red candle with a narrowing trading range above its support at $0.2723. Bears are trying to claw back the gains made by the bulls in this range, so keeping the price above this support ensures a higher upside. Investors and traders can comfortably target $0.3062 for gains in the short to medium-term.
BCH
BCH is a Bitcoin fork with several changes that make it a unique alternative to Bitcoin. With faster transaction time and fees, the coin is a valuable addition to an investor’s portfolio.
The coin is currently up 3% in the weekly timeframe. Although a slow mover, BCH bulls can comfortably target $153.11 for a bigger upside. Holding on to the support at $119.46 would give BCH a strong launch pad for higher lows and higher highs.
-Featured image from Glenlivet Wildlife
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