The Federal Reserve’s July decision had no impact on the cryptocurrency market. Cardano (ADA) has experienced a rally in 2023, moving from its 2022 lows. Despite this, ADA/USD dipped below the 2022 lows, but is expected to rally in 2023. It appears that a double-bottom pattern may be in place. If ADA/USD rises above $0.4, it will confirm the pattern and could bring in more buyers.
As the US dollar affects the cryptocurrency market, the Federal Reserve’s decision was eagerly awaited. To the relief of traders, the Funds Rate was raised by 25 basis points. The result was hawkish for the US dollar.
On the Cardano chart, a horizontal resistance was established at $0.4. The market has been unable to break and hold above this point. This is a sign of the intense selling pressure pushing the market down further than its 2022 lows.
A move above $0.55 would confirm the double-bottom pattern, allowing traders to capitalize on the measured move. This could finally mark a change in the bearish bias.
The Federal Reserve’s decisions are not only important for the traditional currency markets, but also for the cryptocurrency market. The July decision had no impact on the cryptocurrency market, but the result was hawkish for the US dollar. Cardano has experienced a rally in 2023, but ADA/USD dipped beneath its 2022 lows. A double-bottom pattern is appearing, and if ADA/USD rises above $0.4, more buyers may enter the market. A move above $0.55 could confirm the pattern and signal a change in the bearish bias.
