Cryptocurrencies are posting gains as the market reacts to the Federal Reserve’s September 18 interest rate cut.
After hitting $61.2k on Tuesday, BTC fell back below $60k as market swings resumed.
However, following the Fed’s 50 basis point interest rate decision, Bitcoin rose above $61,000 again.
While not explosive, it is possible that many of the altcoins that have lost ground in recent weeks could ride the momentum and see new highs.
Here’s a price analysis of Binance’s BNB, as well as Bitcoin Cash, Aptos, and the Basic Attention Token.
BNB Price: Bulls Need Breakout Above $600
BNB (BNB) price is currently hovering around $540, down 1.5% over the last 24 hours and trending downward since the area around $600 moved from support to resistance.
Since July 22, the cryptocurrency has broken below $500 support twice, with the downtrend intensifying amid a series of lows, highs, and lower lows.
While overall market conditions and the growth of the BNB ecosystem could help bulls move higher, they would have to break out and reclaim $600 to see a continuation of the all-time high above $700.
Support levels in case of a breakdown will be in the area of $480–$460.
Both the daily RSI and MACD indicators suggest that the bulls are ready to take control of the situation. BNB also remains above the 20-day exponential moving average.
Bitcoin Cash Price: Can BCH Bulls Bounce?
The price of Bitcoin Cash soared above $695 following its April 2024 halving, and this came after BTC also surged to ATH amid halving sentiment.
However, BCH has traded lower since then, falling sharply after failing to break above $455 in late July.
Bitcoin Cash has bounced off a one-week low of $308 as bulls aim for gains above $315.
If the upside materializes, BCH/USD could be looking at a breakout to $450 and likely $600.
However, on the downside, a breakout could lead to a bearish retest of the altcoin at $294 and support below $250.
Aptos (APT): Will the price reach $10?
The latest Aptos (APT) price news comes as the blockchain platform merges with Ripple and Hedera to launch the MiCA Crypto Alliance.
Token2049 in Singapore is also a key event of the week, which likely helped the bulls bounce off $5.70 in the last 24 hours.
However, buyers face a potential supply wall around $6.30, with daily RSI and MACD indicators suggesting bears may have the upper hand.
If the APT price surges above the major resistance area, it will likely retest the bears’ resolve in the $8-$10 zone.
On the other hand, $4.00 could become a major support area. The APT/USD pair is currently trading at $5.91, which is almost 5% lower than last week.
The post: Analysis of BNB, Bitcoin Cash and Aptos Prices Amid Fed Interest Rate Cuts appeared first on Invezz
