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The price of cryptocurrency is quite volatile right now because the price of Bitcoin is once again testing $42,000.
The most valuable cryptocurrency token is currently trading at $42,108, slightly up from its Monday lows.
When the eagerly anticipated Jupiter (JUP) coin eventually arrived on exchanges, it was met with significant losses despite the increased volatility.
As the markets attempt to process the FOMC decision and the possibility of a lengthier tightening cycle, unfavorable price movement is observed.
The expectations of rate decreases at the FOMC meeting in March have taken a serious hit following the Fed Chair’s recent remarks.
The $112.5 million hack of Ripple (XRP), one of the most popular cryptocurrencies, made news the same day.
Chris Larsen, a co-founder of Ripple, reportedly lost 213 million XRP currency when his personal wallets were compromised.
The majority of cash has already been laundered through five separate cryptocurrency exchanges as the law enforcement investigations get underway.
As a result, on Wednesday, the price of XRP dropped 1.45% and reached its lowest point since October 19, 2023.
The much-awaited Jupiter airdrop finally took place on Wednesday, marking the official introduction of the Solana-based coin on cryptocurrency markets.
Since its trading debut, the price of Jupiter (JUP) has plummeted, presumably as a result of airdrop receivers selling their coins. JUP cryptocurrency is currently trading 70% less than its high.
The price of bitcoin is attempting to maintain the $42,000 support level as of Thursday morning.
Read More: Bitcoin Reaches $43,000 with Solana Surge as Scorpion Casino Nears Presale End
Early in trade, the price retested the lows from Monday, roughly $41,888, but the bulls quickly drove the price above $42k.
A fall below $41,800 might be very negative, but a breakout over $42,500 might lead to a retest of the weekly highs.
The price of Bitcoin has broken below the hourly uptrend line, as can be seen in the following chart.
This suggests that the bears are gathering steam and that the bulls need to intervene quickly.
Strong selling pressure is currently being seen on SOL/USD following a rejection from the $107 level.
Early on Thursday morning, the native asset of the Solana blockchain saw a price decline to $93 from its initial value.
The bearish reversal will be confirmed with a 4-hour candle closing below $93.45, with targets as low as $79 likely.
The recent rejection and potential price targets, should the bearish situation materialize, are shown in the accompanying chart.
The price of solana must rise above the supply, which is located in the $103–$108 range, in order to avoid the negative outlook.
Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial advice, and you should always conduct your research or consult with a professional before making any investment decisions.
