Altcoin Market Faces Bearish Pressure Amid Potential Fed Rate Hike
The top altcoins, including Ripple (XRP), Cardano (ADA) and Solana (SOL), are experiencing downward pressure as the broader cryptocurrency market faces a bearish trend.
Citadel Securities has anticipated a surprise Fed rate hike, which could lead to reduced liquidity in high-risk assets, including cryptocurrencies.
Ripple's XRP is currently trading below its 50-day Exponential Moving Average (EMA) at $1.1337 and its price has extended a steady decline of 4% from the previous day.
The Relative Strength Index (RSI) for XRP is at 39, indicating weak demand, while the Moving Average Convergence Divergence (MACD) is in negative territory, suggesting waning bullish momentum.
Cardano's ADA is also experiencing a downward trend below its 50-day EMA at $0.1739 and is facing resistance near $0.1673, which it broke through earlier. If the bearish breakout continues, ADA could target the June 6 low at $0.1486.