SNX faces strong bearish momentum at $1.85, while RPL struggles to breach $18.60 resistance.
Crypto markets shiver as US inflation rises, triggering SNX, RPL, MNT, TON, and GMX price drops.
MNT and TON experienced significant drops, signaling bearish sentiment despite the trading activity.
Investors’ enthusiasm has been dampened by the release of US inflation statistics showing a 0.5% increase in the Producer Price Index (PPI) for September. As a result of the cloud of uncertainty that this unfavorable news has cast over the crypto market.
The agreement among major institutions that the United States will enter a recession in 2023 adds to the concern. While inflation and interest rate trends have persisted, investor mood has remained cautious due to the prospect of further rate rises, as reflected in the equities market’s mixed performance.
Significantly, the value of SNX, RPL, MNT, TON, and GMX tokens has been dropping, matching the broader decline in the cryptocurrency market. This drop in cryptocurrency prices has alarmed investors who had previously enjoyed huge gains in the industry.
SNX/USD Technical Analysis
The negative hand in the Synthetix …
The post SNX, RPL, MNT, TON, and GMX: What’s Driving the Sell-Off? appeared first on Coin Edition.