Price Analysis

Altcoins May Thrive Ahead of FOMC Meeting: Polygon(MATIC) & Cardano(ADA) Price May Explode

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 27, 2022

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Article Highlights
  • FOMC meeting is fast approaching and the crypto space appears to have geared up for the much-awaited volatility

  • While BTC & ETH prices are expected to undergo some minor change, MATIC & ADA prices are expected to accelerate

Big day knocks on the crypto space as the July FED rates are all set to shake up the markets. For the past couple of months, the FOMC meeting schedules have induced high volatility within the crypto space. Mainly due to the reason that the US inflation rates have climbed to a 42-year high and are expected to surge by another 75 bps. 

Additionally, the big tech giant’s earnings will also be rolled out soon. This may fuel the induced trend by the FOMC meeting, this weekend. 

Therefore, while many analysts predict Bitcoin may find new lows, some of the altcoins are expected to skyrocket. 

Polygon(MATIC) Price

Polygon price is attempting to make a positive move ahead of the FOMC meeting as a nice curve much above the lower support of the ascending channel is witnessed. Amid the previous day’s price drain, the asset was expected to drop down below $0.7. 

However, as the updated inflation rates are expected to go higher, the crypto space including MATIC price is subjected to act accordingly.

polygon

As significant volatility is fast approaching, the MATIC price is expected to climb above $0.86 and in an extended bullish case may also surge above $0.9. However, a pullback is also expected but the bulls seem to be poised and elevate the MATIC price close to $1 levels. 

Cardano (ADA) Price

Cardano’s price was on its way to testing the lower support below $0.45 after being rejected from $0.5. However, the upcoming event appears to have induced a notable bullish momentum and hence the buying volume has raised with a decent margin. 

Therefore, the next 24 to 48 hours may be pretty crucial for the ADA price as the asset has a golden opportunity to break the bearish pattern and surge high. 

cardano

As seen in the chart the asset is very close to the apex of the descending triangle and as an outcome, the price was pre-determined to hit the lower support. With the upcoming volatility, the asset is expected to regain the lost level above $0.5 initially. However, if the asset successfully sustains above these levels, then a significant jump targeting $1 may be imminent. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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