Crypto prices have continued crashing this week, a trend that may accelerate in the coming days now that the Nasdaq 100 index is nearing a death cross. The fear and greed index has also plunged to an extreme fear zone, while there is a significant risk of a government shutdown in the US. So, which are the top cryptos to sell or avoid before this event?
Cryptocurrencies to Sell Ahead of Shutdown and FOMC Decision
There will be three macro events that will impact crypto prices in the coming days: Donald Trump’s tariffs, the possibility of a government shutdown, and the upcoming FOMC decision. Most coins will likely keep falling as recession risks rise in the US.
Also, there is a risk that the US government will undergo a shutdown, potentially prompting the FOMC to adopt a more dovish stance. Some of the top cryptocurrencies to consider selling or avoiding are: Ethereum (ETH), Solana (SOL), and Ripple (XRP).
Ethereum (ETH)
Ethereum is one of the top cryptocurrencies to consider selling before the upcoming government shutdown and FOMC decision. There are numerous reasons for this. First, the futures market indicates that Ethereum remains in backwardation, where futures prices are lower than the current prices. This is a sign that the market anticipates the coin price will continue plunging in the coming weeks.
Second, Ethereum ETFs continue to see outflows, indicating American investors are no longer interested in them. Third, Ethereum’s price is at risk because it has formed a triple-top pattern on the weekly chart and moved below its neckline. This creates a risk that its price may crash to below $1,500 in the near term.
Solana (SOL)
Solana is another top cryptocurrency to consider selling before the FOMC decision and the government shutdown. It has also formed a death cross, while most oscillators have continued moving downwards.
Fundamentally, Solana has largely developed a negative reputation because meme coins now dominate its ecosystem. Many of these meme coins have proven to be scams, resulting in significant losses for retail investors.
As such, there is a likelihood that many developers building quality utility projects will continue avoiding Solana. Instead, they will select other popular blockchains like BNB and Cardano, which have little market share in the meme coin industry.
Ripple (XRP)
Ripple has been among the best-performing cryptocurrencies in recent months. It rallied because of the rising odds that the Securities and Exchange Commission (SEC) may approve spot XRP ETFs and end its lawsuit. Ripple Labs is also likely to launch its IPO soon.
However, the main reason to sell XRP is that it has formed a head-and-shoulders pattern on the daily chart. This pattern consists of a head, shoulders, and neckline, the latter of which currently stands at $2. Therefore, a drop below that neckline may lead to a substantial decline below $1 soon.
Other Altcoins to Consider Selling Ahead of FOMC
Other popular altcoins are worth considering selling ahead of the FOMC decision. For example, Pi Network’s price has formed a head-and-shoulders pattern on the daily chart, pointing to a big drop ahead. Toncoin has lost market share amid weak metrics for the TON Blockchain, while Sui has entered the markdown phase of the Wyckoff Theory.
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