Cryptocurrency Market News Live Updates Oct 10th: Layer 1 Coins On Red Flag

Cryptocurrency Market News Live Updates Latest News: the Federal Open Market Committee will release its September meeting minutes for U.S. inflation data on Thursday. However, in fear of a higher interest hike in November, the majority of major cryptocurrencies are losing more ground.

The Bitcoin price currently trades at $19303, with an intraday loss of 0.68%, whereas the smart contract giant Ethereum trades at $1309 and shows a 1.06% drop.

Uncertainty Increases Choppiness In Layer 1 Blockchain Tokens

Solana (SOL)

The SOL/USDT pair has been wobbling in a narrow range from $35 to $30 for nearly a month. Furthermore, the price has retested both barriers multiple times, indicating the market participants’ lack of commitment to choose a particular side. The Solana coin price exchange hands at $32.57, with intraday loss of 1%.

Interested traders should avoid entering this no-trading zone. A breakout from either level will shoot a directional rally on the respective side.

Cardano(ADA)

The Cardano coin price is currently responding to a descending triangle pattern in the daily time frame chart. This bearish pattern should intensify the selling momentum if a daily candle closes below the $0.416 neckline support.

Amid the ongoing sell-off in the crypto market, the ADA price plunged to neckline support, where it currently trades at the $0.416 mark. The altcoin registered a 1.65% intraday loss and tried to rebound from the bottom level. Doing so keeps prices under the bearish pattern influence for a few more sessions.

Avalanche(AVAX)

The AVAX price actively responds to a downsloping trendline, and horizontal support of $16.5 reveals the formation of a descending triangle pattern. The altcoin currently trades at $16.63 with an intraday loss of 1.54%. However, this bearish pattern could tumble the prices by 11.8% to hit the June bottom support of $11.5. 

Conversely, a bullish breakout from overhead will undermine the bearish thesis and push prices above $18.

Polkadot(DOT)

The Polkadot price witnessed a textbook range-bound movement between the $6.58 and $6 barriers. Today a red bearish engulfing candle of 2.31% loss turned down from $6.85 resistance and currently trades at the $6.33 mark. This development should plunge the price 3.4% down to hit $6 support.

However, a breakout from the range barriers should begin a directional rally for DOT price.