On the Radar – Coins to Watch 02/05

  • US Federal Open Market Committee (FOMC) provide the latest update on economic health and direction.
  • Bitcoin takes out March lows, what I want to see play out in the coming days.
  • Altcoin analysis: SOL, NEAR

It’s another month, and there’s plenty to talk about from day one. 

Today we kicked off with significant news from the US Federal Reserve, a key update amid widespread concerns about unchecked inflation and the potential fears of another interest rate hike in 2024.

Key takeaways from the Fed’s announcement include:

  • An ‘unlikely’ comment towards the possibility of a rate hike.
  • Rate cuts if the labour market weakens.

For the markets, so far, it seems this signals a more favourable outcome than previously feared, with some altcoins boasting double-digit gains this morning.  

In addition, economic data on US Job Openings (JOLTS) came in 2.2% lower than expected. Could this be a hairline crack in the jobs market that brings these rate cuts forward? 


👉 US Unemployment Rate will be released at 10:30 pm AEST this Friday. I expect this to have a very significant impact on what happens next. Any weakness here could result in the Fed taking action, conversely an as-expected result will likely be priced into the market. 

Related: Litecoin Founder Charlie Lee Expects ETF Approval, Doubts Ethereum’s Chances

Bitcoin – BTC

Looking at some very simple range analysis using the current swing highs and swing low in between, below are my thoughts heading into the end of the week. We also took out the March monthly lows convincingly with this move. 

Source: TradingView

Bullish scenario

A reclaim of this lower range level could be a sign of strength from the bulls. This would suggest that we could expect a move towards $62,000. 

Bearish scenario

Inability to rally back into this channel, we could see fresh lows again where bulls and bears will need to battle it out again similar to today. 

Solana – SOL

Using a Fibonacci retracement measurement on SOL, I see two potential scenarios. A lot of this will also depend on how Bitcoin reacts. 

Source: Tradingview 

Bullish scenario

Continuing to see prices held at or above the ‘golden fib’ ratio of 0.618 should see prices move back above $160. 

Bearish scenario

Failure to find support here, I anticipate that price moving towards the next key fib level around $107. 

Related: BlackRock Invests $47 Million in Securitize to Advance Blockchain in Capital Markets

Near Protocol – NEAR

A standout performer in recent times, NEAR is at a key point using some range analysis of prior highs and lows. Relative to the dip during the 12/04-20/04, we would now want to see interest from the bulls where the price is currently.

Source: TradingView

Bullish scenario 

Prices holding here and starting to push toward prior highs above $7.50. 

Bearish scenario

Failure to hold, resulting in a move below $5.00. 

See you all again next week.

Keep up to date.

Stay informed and connected! I’m excited to announce my new YouTube channel, Crypto with Pav, where I dive into the latest trends in cryptocurrency, offering insights on what’s coming next and highlighting news and technical structure I believe is crucial. 

I’m also on X.


Pav Hundal

Pav Hundal

Pav Hundal, is a trader at heart. Making the transition from the FX markets to the dynamic world of cryptocurrency in 2017. With a keen eye for both technical and fundamental analysis, Pav places special emphasis on tracking macroeconomic conditions to build narratives around current trends. Currently, he lends his expertise as the Lead Market Analyst at Swyftx.

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