The upcoming Jackson Hole economic symposium seems to have kept the crypto investors under pressure. However, there are still some other factors that have caused tension among the investors. In fact, the crypto market is presently going through a tough time. The prices of various cryptocurrencies have declined over time. As a result, the crypto market is witnessing a decline in the interest of investors. In addition, there are certainly other issues that have kept crypto investors under pressure.
As of the 22nd of August, both the United States equities markets and the European stock markets are within the red zone. This is because the investors are afraid of abnormal rate hikes. In addition, the upcoming Jackson Hole economic symposium has perhaps kept the investors nervous. The symposium is about to take place on the 25th of August.
Moreover, the concern of the investors over Federal Reserve chairman Jerome Powell’s stance regarding the Fed’s hawkish stance has caused a bit of panic among investors. If you wish to know more about the possibility of various prominent cryptocurrencies making a comeback, then this article is a perfect stop for you.
Is A Comeback for The Major Altcoins Possible?
The uncertainty that surrounds the crypto market has kept investors away from the market. In fact, the data on CoinShares demonstrate that the weekly volume of crypto investment products stands at $1 billion. In fact, this figure is 55% lower than the yearly average.
In addition, various data suggest that the Bitcoin bear market is still in action. Therefore, a look at the possibility of the comeback of some major altcoins is essential to understand the future of the altcoins:
ETH/USD
The ETH/USD is witnessing a plunge below the 20-day EMA. In addition, on the 19th of August, the breakout level was at $1,700. This in turn points to the fact that those traders who purchased at lower levels were quitting their positions. However, the bulls tried to halt the decline at the 50-day simple moving average. But the bounce-off has been really weak.
It, therefore, suggests the want for aggressive buying. However, this trend might ultimately see the ETH/USDT pair decline to $1,280. However, if the price rises above the 20-day EMA, that might raise the graph to $2,000.
Jackson Hole: BTC/USDT
The support line of the rising channel of the pair earned good support from the buyers. But that too took the recovery only up to $21,800. This thereby suggests that the bear market is posing a strong challenge for the moving averages. However, on the 22nd of August, it seemed that the support line is getting vigorous defence from the bulls.
If the bulls are successful in pushing the pair above the preset mark, then the pair can rise above the 20-day EMA. However, a further decline in price might suggest negative sentiments and might see the duo going as low as $17,622.
XRP/USDT
In recent times, the XRP has been trapped within the range of $0.30 and $0.39. In fact, the bulls are pushing the graph to $0.33. But they are unable to push higher due to strong resistance. Therefore, a drop down to $0.33 seems inevitable if the price breaks down. However, previously this level has provided strong support.
This might lead traders to buy the dip, expecting a rally back to $0.39.In addition, if the price finally breaks above the moving averages, the pair may combat the resistance upwards at $0.39.
Concluding Lines
That is all about the future of some of the major altcoins, taking into account the concern over the Jackson Hole and other such factors.
Also read: Exchange Flow Witnesses a Sharp Spike in Bitcoin Market
