Fed speak today: Will it bring a strong price swing?

19.05.2023

Dear traders,

Powell is speaking today, and it could result in significant price swings. Take care of your trades.

Jake
TOP Trader

BTC is trading below 27k and, even after a liquidity grab, it is still not showing strength. After Powell’s speech, we might witness a bigger swing in BTC before the weekend ends.

ETH is still trading at $1800 and experiencing a decrease in volume. It doesn’t exhibit strength to push upward.

XRP is displaying a bullish structure, holding above $0.46, with a possibility of a significant bullish breakout. However, it still remains at risk of breaking down.

LINK is holding above $6.45 but lacks momentum to break through $7. It needs more strength for a notable upward movement. Consider buying all dips below $7 in spot mode, as it will pay off in the future with LINK.

SOL is strongly holding the $20 support but hasn’t shown enough strength for an upward push yet. There is still a possibility of a drop to the $18 support.

EOS is still struggling at $0.89, and the volume remains low for significant swings. It is currently experiencing a significant sell-off, and a substantial push is needed to break into bullish territory.

LTC is maintaining support above $90 and demonstrating strength for a larger upward push. In 80 days, there will be a halving event in LTC, which suggests a potential price increase after the reduction in mining supply. This presents a significant opportunity to invest and hold!

The DXY is breaking bullish, as predicted, and is now surpassing the 103 range.

Crypto/stock daily news:

WHO LET THE DOGINALS OUT?

Ladies and gents, activity on the Dogecoin network is BOOMING…

On Tuesday, it saw 719K transactions alone – a new all-time high. Wowza.

What caused this? Doginals are following in Ordinal’s footsteps.

That’s right. The hype has gone from BRC-20s → DRC-20s.

Here’s what you need to know about it:

DRC-20s function the same way as Bitcoin inscriptionsUsers can embed data into the smallest unit of a Dogecoin, called ShibesSince fees on the Dogecoin network are cheap, it costs a lot less money to create/buy/sell DRC-20s vs BRC-20s on Bitcoin

Why does this matter? There are two reasons:

1/ The congestion of the Bitcoin network is leading people elsewhere

Dogecoin isn’t the only network exploding. It’s also raining cats and dogs on Litecoin with the recent emergence of LRC-20 tokens.

2/ Up until Doginals, it’s been quiet in Doge land

Other than the short-lived Twitter logo change, there hasn’t been much excitement around Dogecoin recently.

But Doginals are the first time new innovation has been brought to Dogecoin. And it could bring a spark to the network like Ordinals did for Bitcoin.

We wanna hear from you, traders! Have you experimented with Doginals?

FASTER NEWS:

The UK wants to lump crypto regulations in with gambling and lottery. A sharp 180 from the “Royal Mint” NFT initiative they dropped this past March.

Apple allows Axie Infinity crypto game on the App Store. Axie Infinity: Origins will be available in a select number of countries throughout Latin America and Southeast Asia. Axie’s token jumped 12% when the news dropped.

Ripple is buying a crypto custody firm for $250M. The deal will expand Ripple’s enterprise offerings for digital asset custody, issuance, and settlement services.

Coinbase has been posting a countdown on their Twitter page. No info has been released, but PEPE holders are speculating.