After the minutes from the Federal Reserve’s July meeting suggested that rate hikes would continue until inflation was under control, the S&P 500’s four-week-long recovery came to a stop last week, as reported by Cointelegraph.
There is no evidence, according to Fed members, that inflation pressures are subsiding.
The announcement by James Bullard, president of the St. Louis Fed, that he would support a 75 basis point rate hike at the Fed policy meeting in September was another depressant. This diminished optimism that the era of abrupt rate increases would be coming to an end. Sentiment deterioration caused the S&P 500 to fall 1.29% for the week. Bitcoin (BTC), which continues to have a strong association with the S&P 500 and experienced a dramatic decrease on August 19, is expected to end the week with significant losses, Cointelegraph noted.
The bulls successfully held the firm support at $275 while Binance Coin (BNB) declined from the overhead barrier at $338. This shows that people are feeling well because the bulls are looking to buy on dips.
The bullish inverse head and shoulders scenario has created for EOS. On August 17, buyers drove the price above the overhead resistance at $1.46, but the day’s candlestick, with its lengthy wick, indicates that substantial selling occurred at higher prices.
The buyers prevented the EOS/USDT pair from staying below the 20-day EMA ($1.32) despite the bears pulling the price back below the breakout mark of $1.46 on August 19. This is a favourable development. This suggests that consumers are drawn to lower levels. According to the string of higher highs and lower lows, Quant (QNT) is in a recent uptrend. The bulls are aiming to resume the up-move after buying the decline to the 50-day SMA of $100, Cointelegraph said.
As per the string of higher highs and lower lows, Quant (QNT) is in a recent uptrend. The bulls are aiming to resume the up-move after buying the decline to the 50-day SMA of $100. If the price maintains above the $111 20-day moving average, it may indicate that the correction is nearing an end. The QNT/USDT pair may first gain ground to $124 before attempting to overcome the critical resistance at $133. The pair may rise to the overhead resistance area between $154 and $162 if bulls overcome this obstacle.
On August 18, Chiliz (CHZ) jumped to $0.23, sending the RSI well into overbought territory. The price may have fallen back below the breakout level of $0.20 as a result of short-term traders being enticed to book profits.
(With insights from Cointelegraph)