At 2 a.m. Beijing time on Thursday, the Federal Reserve announced its latest interest rate decision. As expected by the market, the central bank will maintain the benchmark interest rate unchanged at 5.25% to 5.5%, the highest level in more than 20 years.
Powell said after the meeting:
A rate cut could occur as early as the next meeting, in September, and the committee's overall view is that the economy is approaching levels where rate cuts are appropriate. The question is whether the overall data, the changing outlook, and the balance of risks are consistent with stronger confidence in inflation and a solid labor market. If that criterion is met, we could lower the policy rate as early as our next meeting in September. The FOMC discussed a rate cut, but the vast majority of participants supported holding off on a rate cut at this meeting. As inflation cools, the Fed is able to assess inflation and the labor market more equally.
The risk of a hard landing for the US economy is low, and the final demand data of the private sector in the first half of the year was strong, which does not indicate a weak economy. A 50 basis point rate cut is not something that is being considered now. The US election has no impact on interest rate decisions, and policymakers will not make decisions based on the US political situation.
Potential altcoins worth paying attention to now
1.SUN
As Solana continues to recover and challenge the critical supply zone at $185, buyers are waiting for the breakout to continue. SOL price rose 2.49% today, breaking yesterday’s decline and forming a bullish engulfing candle.
Moreover, the daily price action has formed a double bottom pattern with the neckline at $185. The decline from the recent high on July 29 indicates a huge upward supply pressure, which increases the importance of the $185 supply zone.
According to the Fibonacci levels, the much-anticipated breakout will push the SOL price above the psychological barrier of $200. With the 1.618 Fibonacci level at $223, Solana is ready for action. Therefore, during this market pullback, Solana is the top altcoin that you must consider buying.
2. TREES
Bonk of Meme (BOME) has made a significant splash in the cryptocurrency market recently. In the past week, its price surged 20% to $0.0105, successfully entering the top five cryptocurrency growth charts. This achievement even surpassed some well-known meme tokens, which rose only 3% during the same period. Behind BOME's strong performance is the result of solid technical support and rising market interest. Its 50-day exponential moving average successfully crossed above the 200-day EMA, clearly demonstrating the strength and persistence of its upward momentum.
Market analysis predicts that BOME is expected to rise further by 41% in the short term, with a target of $0.013. The inverted head and shoulders pattern on the daily chart provides strong technical support for this forecast. Market confidence continues to rise, with data showing that futures open interest increased by 74% in the past week and trading volume soared by 50% to $150 million. As a star project under Dark Farm, BOME is inspired by the well-known meme art image Pepe the Frog and has successfully attracted a lot of attention and investor favor.
3.ARB
Arbitrum has shown great bullish potential as the number of active users of Ethereum’s second-layer protocol continues to increase. However, after experiencing a death cross, ARB price failed to break out of the 50-day EMA and remained in a downtrend.
Recently, there has been a reversal from the 50-day EMA close to the $0.61 support level, along with a widening RSI divergence on the daily chart. Moreover, a double bottom reversal pattern is likely to form on the daily chart.
Therefore, the potential shift in bullish sentiment signals a breakout move that could push ARB price to the 200-day EMA at $1.11. This would represent a 63% gain and could allow it to re-cross the psychological barrier of $1. Therefore, Arbitrum is one of the top altcoins to watch during market corrections.
