Various factors inside and outside the cryptos market contribute to the financial landscape. In 2022, the market experienced a drop in prices due to internal and external events, with a recovery only at the beginning of 2023.
The macroeconomic situation is a strong indicator of where the crypto market will move. In this case, it’s March 22nd announcement of interest rate hike of the US Federal Reserve and FOMC Meeting Minutes will decide the fate of equities and cryptos.
The US Federal Reserve: Image: Investopedia
These Top 5 Cryptos Are Investor Favorites At This Important Event
FLOW
As the market rallied, FLOW rose significantly in price as it benefited from its high correlation with Bitcoin. according to CoinGeckoFLOW is up almost 15% weekly.
The token’s support at $0.937 should be able to hold back any progress by the bears if they move. Current resistance is at $1,191, which contains the November 2022 FLOW price level. If this resistance flips to support, FLOW will have enough headroom to retest $1,939 in the long term.
Image: Binance Academy
FIL
Filecoin has gone up as soon as the Filecoin Virtual Machine opened. The deployment of virtual machines will allow developers to deploy smart contracts. It also opens the Filecoin community to new experiences.
FIL resistance at $6.4 is currently holding the token on the edge of a downward spiral. If the bull fails to break through this resistance, the token may fall to the crucial support at $4,881. However, defending the current support at $5.8 will be an important step to overcome the resistance at $6.4.
XDC
XDC Network is a fork of Ethereum uses delegated proof-of-stake (dPoS) mechanism. This makes the network faster and more efficient than Ethereum with massive network processing 2,000 transactions per second according to the website.
Image: Coinspeaker
The network’s original token, XDC, has performed exactly like the crypto market, providing almost 27% Raise it, last week. The token is on track to break the $0.038 resistance to support, an event that could happen in the next few days.
This bullish price movement could cause the bulls to get tired in the short term. However, XDC bulls can be trusted to defend $0.03473 if a correction comes as technicals show slow bullish momentum.
TARGET
Zilliqa’s decentralized ecosystem has become popular for DeFi users. Ecosystem official Twitter account recently announced EVM compatibility is coming to Ziliqa mainnet. This development will allow developers to deploy Solidity dApps on-chain.
The token is currently trading on a red candle with a trading range that is accelerating above the support at $0.2723. Bears are trying to raise the profits made by the bulls in this range, so keeping the price above this support guarantees a higher rise. Investors and traders can easily target $0.3062 for profit in the short to medium term.
BTC total market cap now at $531 billion on the daily chart at TradingView.com
BCH
BCH is a fork of Bitcoin with some changes that make it a unique alternative to Bitcoin. With faster transaction times and fees, these coins are a valuable addition to an investor’s portfolio.
The coin is currently up 3% on a weekly basis. Although a slow mover, BCH bulls can comfortably target $153.11 for a bigger rise. Holding support at $119.46 will give BCH a strong launch pad for higher and higher highs.
-Images from Glenlivet Wildlife