In cryptocurrency, market trends are often influenced by various external factors. One such influential factor is the decisions made by the Federal Open Market Committee (FOMC) on the appropriate monetary policy stance. A crypto analysis firm, Crypto Banter, hosted by Ran Neuner, a CNBC crypto trader, has recently shed light on how the upcoming FOMC decision could potentially alter the current market trends.
EXPECT A HUGE Crypto Move In 8 HOURS! (WATCH BEFORE 2PM EST) https://t.co/1pMFEcPH0K
— Crypto Banter (@crypto_banter) July 26, 2023
The crypto market has been relatively stagnant over the past few days, following an initial drop over the weekend. However, the analyst suggests that this period of calm might be the precursor to a significant market shift. The FOMC’s decisions have historically set market trends for the weeks following its announcement. Interestingly, a pattern has emerged where a market pump leading into the FOMC decision often results in a subsequent dump and vice versa.
The analyst further highlighted the potential impact of the FOMC decision on the dominance of Bitcoin and other altcoins. The past decisions made by the Federal Open Market Committee (FOMC) have demonstrated a significant impact on market dominance, leading to a notable change in the prevailing trend.
Currently, Bitcoin is hovering around $29,000, and altcoins are descending in support. The recent drop in dominance has given a boost to several altcoins. The analyst speculates that the upcoming FOMC decision could lead to another significant shift in dominance, potentially benefiting Dogecoin, which is currently in a prime buying area.
As the crypto community awaits the FOMC decision, the analyst advises investors to prepare for potential market volatility. The anticipation is high, and the potential for significant market shifts underscores the importance of staying informed and ready for any outcome.
However, at press time, Dogecoin (DOGE) is changing hands at $0.07867, a 1.85% drop in the last 24 hours. In the brief retracement earlier today, the support level was established at the $0.0771 mark after the $0.08101 resistance level was too solid to breach.
As of the most recent update, Dogecoin’s market capitalization stands at $11.04 billion, reflecting a decline of 1.77% over the past 24 hours. Further, the cryptocurrency pair has a trading volume of $741.91M, a 46.25% drop, according to data from CoinMarketCap.
