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MultiversX (EGLD), NEAR Protocol (NEAR) and Nexo (NEXO) are among altcoins that have slipped into red as the global crypto market declines 2.4% in the past 24 hours.
Meanwhile, the crypto market is eyeing broader investor reaction to upcoming US inflation data and other potential catalysts.
Here’s the price analysis for EGLD, NEXO and NEAR ahead of the Federal Reserve’s interest policy.
Crypto prices and market outlook
Cryptocurrency prices are under downside pressure ahead of the release of the US Consumer Price Index (CPI) data on September 11.
Bitcoin (BTC) and top altcoins have also pared gains after the second US presidential debate between Donald Trump and Kamala Harris failed to feature crypto.
Among key takeaways from the debate is that discussions largely focused on economy and trade.
BTC, which traded to highs of $57,800 ahead of the debate, fell after the televised event. Altcoins followed suit and meme coins related to Trump, including MAGA, STRUMP and TREMP slumped double digits.
The KAMA meme coin was also down at 4%, relatively smaller losses as early reactions to Trump and Harris’ performances contrasted.
Notably, Polymarket bets on Trump’s chances of winning the November presidential election have dropped to even up with Harris at 49% at the time of writing.
Overall outlook is that inflation and interest rates policy, as well as the US election, are likely major catalysts for crypto performance in coming months.
MultiversX price
MultiversX (EGLD) rose from lows of $23 on Sept. 7 to near $27 on Sept. 10 before the upside faded amid latest market outlook.
This attempt to break above the $27 level suggests a fresh burst in upside momentum could see it happen.
Another recovery as that which EGLD saw following the weekend’s dip might push MultiversX price to its three-month highs of $38.
On the downside, EGLD could revisit the support near $23 – the price level that acted as a buffer zone before the price explosion in October 2023.
NEAR Protocol price
NEAR Protocol (NEAR) price has dipped 3.5% in the past 24 hours – bouncing off support below $3.90 on two occasions already. This comes as bears look to hold above the $4.05 area.
NEAR price has failed to break higher since peaking above $8.82 in March. The various attempts have seen it form a series of lower highs amid overall market pressure.
A key positive for bulls would be a breakout above $5, with a double bottom pattern then likely to present a bullish continuation to above $8.8.
Nexo price
NEXO is the native token of the crypto lender platform Nexo. Like many altcoins, the NEXO price has heaved under downward pressure over the past few months.
Market data shows NEXO is down nearly 9% in the past 30 days and has broken below the psychological level of $1 on multiple occasions.
These bearish performances currently have Nexo price hovering around $0.96, a price level that is 76% off the all-time highs above $4 reached in May 2021.
If Nexo bulls reclaim $1, the main supply zones would be around $1.30-$1.40. Meanwhile, further rot from current levels will bring lows of $0.8 and potentially $0.6 into play.
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