Crypto to Sell If Powell Doesn't Indicate Rate Cuts

Most crypto market tokens experience continuing price declines while showing few signs of recovery. The Federal Reserve head Jerome Powell is under intense market observation regarding his upcoming decisions.

As the Federal Reserve wraps up its policy meeting on March 19, it is expected to keep interest rates unchanged but may signal potential cuts later in the year through the quarterly summary of economic projections. However, if Fed Chair Jerome Powell fails to indicate such cuts, investors might want to consider dumping the following crypto tokens to avoid further losses.

Rising food prices are expected to put pressure on consumers. (Photo by Dmitry Kalinovsky on Unsplash)

Crypto To Sell If Powell Doesn’t Indicate Rate Cuts

After a turbulent period for crypto markets, with most tokens continuing to decline and showing few signs of recovery, all eyes are on the Federal Reserve.

The institution’s head, Jerome Powell, is being closely monitored by the market in anticipation of his upcoming decisions, which could have a significant impact on cryptocurrencies.

If Powell fails to indicate any interest rate cuts, as signaled by the economic projections, it could put additional downward pressure on the market.

In this scenario, certain cryptocurrencies to sell to avoid further losses include:

Pi Network (PI)

The Pi Network token has seen a rapid decline in price, with its value decreasing by over 5% over the past day. As of writing, the PI price is sitting at $1.14.

One key factor contributing to this volatility is the approaching Pi token unlock event. Approximately 129 million Pi tokens, valued at an estimated $175 million, are set to be unlocked shortly.

Additionally, the possibility of a Pi Network Binance listing remains uncertain, adding another layer of anticipation and speculation to the coin’s future.

The PI price has fallen more than 30% over the past 24 hours, now trading around $1.14.

Binance (BNB)

Binance (BNB) price dropped below the crucial support level of $650, reporting a 0.3% decline over the past 24 hours as other major cryptocurrencies show slight growth, but BNB is facing downward pressure.

If the bearish trend continues, the price could fall to $600.

The crypto market might view BNB as one of the best crypto to sell considering Jerome Powell’s statements about interest rate policies.

Market conditions together with statements made by Powell regarding interest rates will determine BNB’s future price performance.

The BNB price is trading at $617, struggling to recover.

UNUS SED LEO (LEO)

The UNUS SED LEO (LEO) token reached an all-time high in early March 2024, a rare occurrence in a largely bearish crypto market this year. However, since then, the price has seen a slight decline.

If LEO falls below the crucial support level of $9.50, it could drop further to $9.20.

In a highly bearish scenario, the token’s value may even dip below the $9 threshold. Investors should consider LEO among the crypto to sell if the Federal Reserve’s Jerome Powell does not hint at any rate cuts.

Shiba Inu (SHIB)

Shiba Inu price remained above the support level of $0.000012, but recovery efforts are encountering strong resistance. The token reached high values in January before declining and losing its ability to recover previous gains.

Crypto analyst Ali tweeted: “Key levels to watch for #Shibainu. Breaking $0.000115 could open up a fall to $0.0000815.”

The SHIB burn rate has seen a significant decrease as it slid by 41% over the past 24 hours. The quantity of SHIB tokens burned during the recent day amounted to 9,681,341, showing a reduction in burning activity.

Recently, the bearish market attitude has spread to the rest of the meme coin sector, deepening the negative sentiment in crypto markets.

The Shiba Inu cryptocurrency dropped 20% in value during the recent month, placing it among the cryptocurrencies to avoid for stable investment.