MultiversX (EGLD), NEAR Protocol (NEAR) and Nexo (NEXO) are among the altcoins that have fallen as the global cryptocurrency market has fallen 2.4% in the past 24 hours.
Meanwhile, the crypto market is monitoring the broader investor reaction to upcoming US inflation data and other potential catalysts.
Below is an analysis of EGLD, NEXO and NEAR prices ahead of the Federal Reserve’s interest rate policy.
Cryptocurrency prices and market outlook
Cryptocurrency prices are under downward pressure ahead of the release of US Consumer Price Index (CPI) data on September 11.
Bitcoin (BTC) and leading altcoins also lost ground after the second US presidential debate between Donald Trump and Kamala Harris did not affect the cryptocurrency.
One of the main findings of the debate is that the discussions were largely focused on economics and trade.
BTC, which had traded to a high of $57,800 before the debate, fell after the televised event. Altcoins followed suit, with Trump-linked meme coins including MAGA, STRUMP, and TREMP all falling by double digits.
Meme coin KAMA also fell 4%, a relatively small loss given the mixed early reactions to Trump and Harris’ speeches.
Notably, Polymarket’s odds on Trump winning the November presidential election have fallen and, at the time of writing, are level with Harris’s at 49%.
Overall, the outlook is that inflation and interest rate policy, as well as the US elections, are likely to be the main catalysts for cryptocurrency dynamics in the coming months.
Price of MultiversX
MultiversX (EGLD) rose from a low of $23 on September 7 to nearly $27 on September 10 before the gains began to fade amid the recent market outlook.
This attempt to break the $27 level suggests that a fresh surge in upward momentum could lead to this.
Another rally similar to what EGLD saw after the weekend drop could push MultiversX price to a three-month high of $38.
On the other hand, EGLD could return to support near $23, a price level that served as a buffer zone before the price explosion in October 2023.
NEAR protocol price
NEAR Protocol (NEAR) price has fallen 3.5% in the last 24 hours – bouncing off support below $3.90 twice now. This comes as bears try to hold above the $4.05 area.
NEAR has failed to break higher since peaking above $8.82 in March, with various attempts resulting in a series of lower highs amid overall market pressure.
The key positive for bulls will be a break above $5, after which a double bottom pattern will likely point to a bullish continuation above $8.8.
Price of Nexo
NEXO is the native token of the crypto lending platform Nexo. Like many altcoins, NEXO’s price has surged under pressure over the past few months.
Market data shows that NEXO is down nearly 9% over the past 30 days and has dropped below the psychological $1 level several times.
Due to these bearish tendencies, Nexo’s price is currently hovering around $0.96, down 76% from its all-time high above $4 reached in May 2021.
If Nexo bulls reclaim $1, the main supply zones will be around $1.30-$1.40. Meanwhile, further declines from current levels will lead to lows of $0.8 and potentially $0.6.
The publication Cryptocurrency Price Analysis: EGLD, NEAR and NEXO first appeared on Invezz
