Milady Meme Coin (LADYS) price rebounded this week as investors reacted to the rising odds of Federal Reserve rate cuts later this year. The token rose to a high of $0.00000025 on Tuesday morning, almost 500% above its lowest point this year. This rally has pushed the total market cap of the LADYS token to over $180 million.
Federal Reserve rate cuts likely
The likely reason why the LADYS token price soared is that Bitcoin jumped to over $70,000 on Monday while the US dollar index (DXY) plunged by over 50 basis points.
This performance happened after the US published weak manufacturing numbers. According to the ISM, the country’s manufacturing PMI dropped to 48.2 in May, meaning that it has moved into a contraction phase.
That report provides further evidence that the US economy is slowing. Just last week, the second estimate of the Q1 GDP data revealed that the economy expanded by 1.3%, down from the previous forecast of 1.6%.
The economy had expanded by 3.4% in the fourth quarter and the Atlanta Fed Now platform estimates that its growth this quarter will be about 1.8%.
Therefore, analysts at Standard Chartered noted that the Fed could slash interest rates as soon as in its July meeting. This is a highly ambitious figure considering that some Fed officials like Raphael Bostic have hinted that the first cut will happen in the fourth quarter. Altcoins do well when there are signs that the Fed will start cutting interest rates.
Milady Meme Coin price also continued rising because of the ongoing trends in the meme coin industry. Pepe token has soared by almost 2,000% from its lowest point this year. Similarly, other meme tokens like Cat in a Dogs World (MEW), Dog Go to The Moon (DOG), Brett, and Popcat have all surged recently.
LADYS has also risen because of the trends in meme assets. Most meme coins jumped on Monday after Roaring Kitty revealed a huge position in GameStop, which pushed its stock price sharply higher.
Milady Meme Coin price forecast
The LADYS token price has rebounded in the past few weeks. It has soared from April’s low of $0.000000103 to over $0.00000025. The token has moved above the important resistance point at $0.00000024, its highest swing on April 23rd.
Milady Meme Coin has remained above the 25-day and 50-day Exponential Moving Averages (EMA). The two averages recently made a bullish crossover while the token has moved above the Ichimoku cloud indicator.
Therefore, the outlook for the token is bullish, with the next point to watch being at $0.000000312, the highest point on May 29th.
