Thu, September 19, 2024 at 14:50

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I want to discuss the recent decision by the US Federal Reserve to cut interest rates by 50 basis points on September 18.

  • 
• Annie

  • Oh, interesting!😊 How does this affect the crypto market?

  
• 

  Kang-hoon

  • Well, the crypto market is preparing for an upward thrust.

  • However, some top altcoins have already surged in anticipation of the rate cuts.

  • Investors should consider selling certain cryptos to avoid potential losses.

  • 
• Annie

  • Which cryptos are we talking about?🤔

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • The five cryptocurrencies flashing sell signals are Render (RENDER), Polygon Ecosystem Token (POL), Uniswap (UNI), Optimism (OP), and BabyDogeCoin (BABYDOGE).

• Annie

  • Render has been in the news a lot lately.

  • What's happening with it?

  
• 

  Kang-hoon

  • Since September 6, Render's price surged nearly 20%.

  • However, daily active addresses for RENDER dropped by 66% after peaking on September 13.

  • This indicates a potential sell-off now that the Fed has cut rates and the OpenAI hype is dying down.

• Annie

  • Got it.

  • What about Polygon?

  • I heard it recently rebranded.

  
• 

  Kang-hoon

  • Yes, Polygon rebranded from MATIC to POL, which attracted a lot of attention.

  • However, the hype seems to be over.

  • There's been a massive uptick in supply on exchanges while top holders continue to sell, indicating a potential correction.

• Annie

  • That's concerning.

  • What about Uniswap?

  
• 

  Kang-hoon

  • Uniswap is also on the list.

  • Despite rumors of a fee switch proposal during the v4 upgrade, all tokens are circulating in the market, creating high selling pressure.

  • This could negatively impact UNI's short-term outlook.

• Annie

  • I see.

  • And Optimism?

  • It used to be quite popular.

  
• 

  Kang-hoon

  • Optimism's network growth has declined significantly.

  • From a peak of 2500, it now hovers around 500.

  • This decline indicates reduced interest and could lead to increased selling pressure.

• Annie

  • What about BabyDogeCoin?

  • It had a big surge recently.

  
• 

  Kang-hoon

  • BabyDogeCoin surged 130% after being listed on Binance.

  • However, such exchange listing-based rallies are often short-lived.

  • If the buying pressure exhausts, it could slide nearly 40% to a key support level.

• Annie

  • Wow, that's a lot to take in.

  • So, overall, is this news good or bad for the market?

  
• 

  Kang-hoon

  • In the short term, this news is a negative indicator for the market.

  • The sell signals for these altcoins, coupled with the Fed's rate cut, suggest that investors should be cautious to avoid potential losses.

• Annie

  • Thank you for the detailed explanation, Kang-hoon.

  • This really helps with my investment decisions.🙏

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Always happy to help.

  • Stay informed and make wise decisions.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.