Cardano rose to a one-week high earlier in today’s session, despite cryptocurrency markets mostly trading in the red. Aave was also higher on Friday, with the token remaining close to its highest point in the past week. As of writing, the global crypto market cap is 0.43% lower.

Cardano (ADA)

Cardano (ADA) was one of Friday’s notable gainers, as the token rallied to a one-week high to end the working week.

Following a bottom of $0.4596 during Thursday’s session, ADA/USD raced to a peak of $0.4816 earlier in the day.

As a result of today’s move, the token collided with its key resistance level at the $0.4790 point.

ADA/USD – Daily Chart

However, following this collision, earlier bulls appeared to retreat, liquidating their positions at this point of uncertainty.

As of writing, ADA is now trading at $0.4765, which is below the previously mentioned price ceiling.

The drop in momentum began as the relative strength index (RSI), encountered a resistance level of its own at 44.

Until this hurdle is overcome, ADA will likely continue to trade at or below its current level.

Aave (AAVE)

Like ADA, aave (AAVE) was briefly higher in today’s session, as it too remained close to a one-week high.

AAVE/USD rose to a high of $95.47 on Friday, which is near its highest level since August 19.

The move saw aave hit and marginally break out of its resistance level at $95.40, however as the session progressed, prices declined.

AAVE/USD – Daily Chart

As of writing, the token is now trading at $90.65, almost $5 lower than earlier highs. This comes as bears reentered the market.

Prices of AAVE began to drop following the RSI hitting its ceiling at 48.70, falling to a current level of 45.75.

The 10-day (red) moving average also continues to trend downward, which could be a signal of further upcoming declines.

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Will aave move below $90 by the end of Friday’s session? Let us know your thoughts in the comments.

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On July 26, the price of Bitcoin (BTC) fell to a level not seen in more than a week as investor anxiety grew in anticipation of the Federal Reserve raising interest rates.

Bitcoin Slumps

According to TradingView, the leading cryptocurrency is currently trading below $21,000 at $20,955, down 4.26 percent today and a further 7.17 percent over the past week.

As a result, the total market value of the digital asset is currently $400.13 billion. More than a week ago, on July 18, BTC had a market cap of this amount.

Hopes for a long-lasting Bitcoin recovery have been dashed by the dip, which has brought the coin’s trading range back to $19,000 to $22,000.

Related Reading | On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing

It’s interesting to note that cryptocurrency consulting firm Eight Global has a more upbeat outlook for the Federal Open Market Committee (FOMC) meeting on July 27. The website stated that the federal funds rate is significant for cryptocurrency because:

“Crypto is correlated to the stock market, and the stock market is impacted by the federal funds rate. Rising rates hurt the performance of stocks while lowering rates make stocks more interesting as investment.”

The majority and most likely outcome, according to Eight Global, is a hike of 75 basis points, although the market has already factored this in.

What to expect tomorrow:

An increase of 75 bps is expected by the majority and is the most likely outcome. A 75 bps hike will either have a neutral or bullish outcome for stocks and crypto, as this has been priced in during the past weeks. pic.twitter.com/MH3Hx8oQ9k

— Eight (@eight_global) July 26, 2022

BTC/USD trades at $22k. Source: TradingView

With the markets correcting, cryptocurrency trading guru Michal van de Poppe stated that he is “looking at a $20.5K-20.7K area to hold for Bitcoin going into FOMC tomorrow.”

Related Reading | Bitcoin Puell Multiple Lifts Off From Buy Zone, Bull Momentum To Follow?

Featured image from Shutterstock, charts from TradingView.com