Layer 1 Coins On Red Flag

Cryptocurrency Market News Live Updates Latest News: the Federal Open Market Committee will release its September meeting minutes for U.S. inflation data on Thursday. However, in fear of a higher interest hike in November, the majority of major cryptocurrencies are losing more ground.

The Bitcoin price currently trades at $19303, with an intraday loss of 0.68%, whereas the smart contract giant Ethereum trades at $1309 and shows a 1.06% drop.

Uncertainty Increases Choppiness In Layer 1 Blockchain Tokens 

Solana (SOL)

The SOL/USDT pair has been wobbling in a narrow range from $35 to $30 for nearly a month. Furthermore, the price has been multiple times retested both barriers indicate the market participants’ lack of commitment to choose a particular side. The Solana price exchange hands at $32.57, with intraday loss of 1%.

Interested traders should avoid entering this no-trading zone. A breakout from either level will shoot a directional rally on the respective side.

Cardano(ADA)

The Cardano coin price is currently responding to a descending triangle pattern in the daily time frame chart. This bearish pattern should intensify the selling momentum if a daily candle closes below the $0.416 neckline support.

Amid the ongoing sell-off in the crypto market, the ADA price plunged to neckline support, where it currently trades at the $0.416 mark. The altcoin registered a 1.65% intraday loss and tried to rebound from the bottom level. Doing so keeps prices under the bearish pattern influence for a few more sessions.

Avalanche(AVAX)

The AVAX price actively responds to a downsloping trendline, and horizontal support of $16.5 reveals the formation of a descending triangle pattern. The altcoin currently trades at $16.63 with an intraday loss of 1.54%. However, this bearish pattern could tumble the prices by 11.8% to hit the June bottom support of $11.5. 

Conversely, a bullish breakout from overhead will undermine the bearish thesis and push prices above $18.

Polkadot(DOT)

The Polkadot price witnessed a textbook range-bound movement between the $6.58 and $6 barriers. Today a red bearish engulfing candle of 2.31% loss turned down from $6.85 resistance and currently trades at the $6.33 mark. This development should plunge the price 3.4% down to hit $6 support.

However, a breakout from the range barriers should begin a directional rally for DOT price.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.