Top Cryptocurrencies Showing Bullish Signs Following FOMC Announcement

In its February meeting, the Federal Open Market Committee (FOMC) announced a 25 basis point hike in interest rates. However, as the market participants expected these numbers beforehand, the crypto market started soaring minutes after the actual Fed announcement. In the last 24hr, the global crypto market cap has increased by 3.82% and stands at the $1.09 Trillion mark. Thus, with the air of uncertainty clearing out in the market, we analyze some of the highest gainers amid this event and identity their near future target.

Optimism(OP)

Source- Tradingview

Amid the new year recovery in the Crypto market, the Optimism token shows a textbook example of a rounding bottom pattern. Moreover, on January 20th, a bullish breakout from the $2 neckline resistance of this pattern indicates an early sign of a significant bull run.

However, the two weeks before the FOMC meeting was highly volatile, causing the OP token to consolidate in a narrow range above $2. Anyhow, after the announcement, the coin price witnessed a 26% in intraday jump on February 1st.

This bullish breakout signed the release of trapped bullish momentum and a higher possibility of bull trend continuation. The Optimism token currently trades at the $2.71 mark, and under favorable bullish conditions, the buyers could drive the prices 30% high to hit the $3.5 mark.

Synthetix(SNX)

Source- Tradingview

In the daily time frame chart, the Synthetix token price shows the formation of the cup and handle pattern. Thus, the last two weeks’ consolidation in this token was a part of the handle portion and showcased sustainability from prices above the newly reclaimed levels.

On February 1st, the coin price rebounded from $2.18 support, with 17.85% covering the bullish candle. Furthermore, the SNX price currently trades at the $2.71 mark and approaches a bullish breakout from the $2.75 neckline resistance.

In an ideal bullish scenario, this breakout could push the coin 50% higher to reach the $4 psychological resistance.

Loopring(LRC)

Source- Tradingview

The loopring coin price showcased a V-shaped recovery in the past two weeks, which is a sign of aggressive buying and an optimistic outlook from market participants. Furthermore, On February 1st, the loopring coin witnessed a 13.25% intraday gain and breached a November 2022 peak of $0.373. This breakout should offer coin buyers a suitable footing to encourage the bullish recovery further.

The LRC price currently trades at the $0.407 mark, and with sustained buying, the price could rise 22.5% higher to hit the $0.5 mark.