Will BTC, ETH, BNB, XRP, SOL, SUI, and DOGE Crash Before FOMC Meet?

With nearly 24 hours left for the Federal Open Market Committee (FOMC) meeting to discuss Fed rates, the global and crypto markets’ price predictions are turning extremely bearish. As the U.S. and broader crypto markets witness a short-term correction, the increased tensions before the FOMC meeting are likely to result in a steeper correction ahead.

Unchanged Rates To Crash Markets U.S. and Crypto Alike

The upcoming Federal Open Market Committee meeting on May 7 will discuss the possibility of a rate cut in the US market. However, the FedWatch tool suggests a 98.2% chance that the current rates will remain unchanged. 

As the rates are expected to remain unchanged, reduced market liquidity and investor risk appetite could lead to short-term corrections.

Uncertainty in Dow Jones Index Warns of Correction Ahead

The Dow Jones, the US index of the top 30 companies listed on the US Stock Exchange, witnessed a slowdown on May 5, creating a doji candle. The uncertainty in the market kept the Dow Jones slightly above $41,000.

Closing under the $41,000 mark will nullify the chances of the Dow Jones making a bullish comeback. As per broader market anticipation and price predictions, it will likely lead to a steeper correction in the broader US market. 

Bitcoin Could Hit $91k If Bears Take Over

As the tensions grow, Bitcoin struggles above $94,000. With an intraday pullback of 0.61%, the Bitcoin price is currently at $94,200.

The 50-day and 100-day EMA lines give a bullish crossover. However, the MACD and signal lines give a negative crossover.

As Bitcoin loses momentum, the risk of a steeper correction grows. Based on the Fibonacci levels, the downfall suggests a Bitcoin price prediction of $87,653.

Ethereum Price Prediction Targets Sharp Correction To $1,577

Amid the rising bearish influence, Ethereum is on the verge of retesting $1,755. The Supertrend indicator warns that a breakdown under $1,755 will start a new bear cycle.

The Fibonacci levels paint the next crucial support at $1,676, followed by $1,577. However, Ethereum price prediction suggests a potential surge to $1,855 if bulls hold the ground at $1,755.

Binance Token Under $600 to Experience Steeper Correction

The BNB token is at great risk as it trades below the recently lost $600. Furthermore, a longstanding resistance trend line marks a bearish trend at play if the downfall continues.

The Binance Coin price prediction suggests a possible retest of $554, followed by $531. However, in case of an unlikely trendline breakout, the BNB coin price could reach the immediate resistance at $637.

Bearish Streak in XRP Price to Break $2, Sellers Target $1.79

XRP price records four consecutive bearish days, accounting for a downfall of nearly 5%. Currently, the XRP price struggles to hold above the $2 psychological level as the selling pressure grows.

The MACD and signal lines have given a negative crossover. With the altcoin within a falling channel pattern, the bears will likely test $2. In case of an extended correction, the XRP price trend could hit $1.79.

Dogecoin Price Prediction Warns Near 10% Crash

The biggest memecoin in the industry, Dogecoin, has recently breached a short-term support trendline, signaling a potential correction ahead. The extended correction, the breakdown rally, has breached the $0.17 mark.

As the selling pressure grows, Dogecoin price prediction warns of a retest of the $0.1524 support level. This will account for a downside risk of nearly 10%.

Solana Price Trapped in Triangle, Sellers Eye $140

As the market turns volatile, Solana is stuck within a symmetrical triangle pattern. However, the increasing bearish influence warns of a major crash in Solana.

The crucial support for Solana remains the 200 EMA at $140. However, if the average line fails, the downside risk extends to more than 11% from the $140 mark.

However, if the Solana price sustains above the 100 EMA line, a potential triangle breakout may test the $165 mark.

SUI Price Prediction Warns 14% Correction Ahead 

SUI is down by 3.48% today. The intraday pullback undermines the 4.5% jump on May 5. This warns of an extended correction as the market turns volatile.

The SUI token is likely to test the 200 EMA line near $2.83. Hence, the SUI price prediction warns of more than a 14% correction. Supporting the chances of a 200-day EMA re-test, the MACD and signal lines have given a negative crossover.

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Coingape Staff

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Disclaimer: 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.