Watching the Crypto Shakeout Post-FOMC - Potential Levels for $ADA
Seems like the dust is starting to settle a bit after the latest FOMC meeting. The initial knee-jerk in traditional markets, and especially crypto, was pretty strong, but the actual rhetoric wasn't wildly different from expectations, at least for me. It's more about how the market interprets the 'higher for longer' narrative for rates, and what that means for risk assets.
Today, I'm watching the crypto space closely, particularly something like $ADA. We saw it touch down near 0.16107 earlier, and it's currently bouncing around 0.1661. The question is whether this hold is durable or if there's another leg down if the broader risk-off sentiment persists. I'm keeping an eye on whether it can consolidate above the prior lows, otherwise, we could be looking at a retest of lower support levels. Not making any moves yet, but the volatility post-announcement always throws up interesting opportunities once things calm down a bit.
I'm with you on the "higher for longer" narrative impacting risk assets. It feels like the market is still digesting what that truly means for capital flows, especially for something like ADA that tends to have a higher beta.