Crypto Market Overview

Crypto prices were relatively mixed on Wednesday morning as investors awaited the Federal Reserve’s interest rate decision. Bitcoin remained above $80,000, while the total market cap of all coins fell to $2.7 trillion. The crypto fear and greed index rose to a fear zone of 21, much higher than the weekly low of 18.

This article examines price predictions for some top-performing cryptocurrencies on Wednesday like EOS (EOS), Tron (TRX), and Loom Network (LOOM).

EOS Price Prediction

The EOS token jumped by over 30% on Wednesday after developers announced a rebranding to Vaulta. This rebrand aims to bridge traditional banking with the power of Web3. Additionally, EOS will establish a banking advisory council comprising executives like Lawrence Truong (Systemic Trust) and Didier Lavallee (Tetra Trust).

The new EOS will focus on wealth management, consumer payments, portfolio investment, and insurance.

The daily chart indicates that EOS price bottomed at $0.4295 this month, subsequently bouncing back to $0.6415, forming a quadruple bottom—a bullish reversal sign. As long as EOS stays above $0.4295, its bullish outlook remains intact. However, if it drops below this point, the bullish perspective will be invalidated.

Tron (TRX)

Tron token bounced back to a high of $0.2370 on Wednesday, following Justin Sun’s announcement of launching a wrapped TRX on the Solana ecosystem.

The daily chart shows that TRX bottomed around $0.2100 and has now reached the 100-day moving average, creating a descending triangle pattern—a bearish sign. The positive aspect is the formation of an inverse head and shoulders pattern and a bullish MACD crossover.

Thus, TRX could bounce back and potentially reach the next key resistance at $0.3200—a 35% increase from the current level.

Loom Network (LOOM)

Loom Network price surged to $0.0685 on Tuesday, marking an increase of over 87% from its lowest point this year, before trading at $0.047 on Wednesday.

The surging price occurred even after Bithumb, a major South Korean exchange, placed a caution tag on it due to numerous deficiencies. The Loom price bottomed at the $0.041 support level, jumping above the 100-day moving average before retreating.

Loom Network could continue rising as bulls aim for this week’s high of $0.0686, but a drop below $0.036 could indicate further downside.

Other Top Cryptocurrencies to Watch

Traders will keep an eye on other top coins ahead of the Federal Reserve decision. Notable coins to consider include Pi Network, Cosmos, Polkadot, and Sundog.

The post Crypto predictions ahead of FOMC: Loom Network, Tron, EOS appeared first on Invezz.