8/24 Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, MATIC

Crypto Traders Expect Range Expansion Once Jackson Hole Symposium Ends and Fed Outlook on Currency inflation, interest rate hikes and the health of the economy are made public.

Price analysis

Bitcoin (BTC) and several major cryptocurrencies are trading sideways as traders avoid taking big bets ahead of the US Federal Reserve's Jackson Hole Economic Symposium, which begins August 25. Volatility is expected to soar as investors get clarification. on the Fed's position in the coming days.

On August 23, a team led by Goldman Sachs Chief Economist Jan Hatzius said Fed Chairman Jerome Powell may appear dovish when he speaks on August 26, reiterating that the central bank may move at a slower pace in future meetings. Analysts expect the Fed to hike rates by 50 basis points at the September meeting, which would be lower than the 75 basis point hike made in June and July.

Daily performance of the cryptocurrency market. Source: Coin360

While near-term price action remains uncertain, on-chain data suggests Bitcoin may be undervalued, meaning that it could provide strong returns if history repeats itself. According to Jarvis Labs resident analyst JJ, Bitcoin's market capitalization vs. realized capitalization indicator reading is at its lowest level since 2015. Bitcoin's bottom in 2015 and 2019 was formed when the indicator has reached a low level, but this has reached extremely low levels in 2022.< /p>

What are the critical levels to watch up and down? Let's study the charts of the top 10 cryptocurrencies to find out.