Shiba Inu, Algorand & Bitcoin — Asian Wrap 2 May

Can this setup trigger a 50% bull rally for Shiba Inu price

Shiba Inu price shows potential for an uptrend as it forms a specific bullish pattern on the daily time frame. This formation could trigger a move for SHIB to retest a significant level after a decent uptrend. Shiba Inu price produced somewhat of an equal low around the $0.0000203 level, making it into a makeshift support level for the time being. This development occurred after SHIB crashed 10% on April 30 to breach the $0.0000218 to $0.0000246 demand zone.

Analysts argue that Algorand is undervalued despite recent bearish price trend

Algorand is one of the few projects in decentralized finance that has contributed consistently to the development of the ecosystem. Despite ALGO being undervalued, the altcoin has posted losses consistently. 

Algorand has failed to recover from the recent bloodbath in the crypto market. While meme coins like Dogecoin, Shiba Inu and Ethereum-killers like Cardano recovered from the drop, Algorand price ranged below $0.56. 

Bitcoin price struggles as crypto tracks US stocks and analysts fear “aggressive” fed rate hike

Investors are awaiting the Federal Reserve’s decision on benchmark interest rates. Bitcoin’s correlation with top US stocks remained high as the market posted significant losses, and Nasdaq hit its worst four-month performance since 1971. 

Top US stock indexes witnessed significant losses over the past week. Nasdaq had its worst four-month performance in fifty years, and Bitcoin’s high correlation with tech stocks increased selling pressure on the asset. 

Analysts at the ING Group were quoted in a report published on April 28, 

The Federal Reserve is widely expected to raise its policy rate by 50 basis points next Wednesday as 8%+ inflation and a tight labour market trump the surprise 1Q GDP contraction attributed to temporary trade and inventory challenges.