S&P 500 Forms First Death Cross Since 2022
The post S&P 500 Forms First Death Cross Since 2022 appeared on BitcoinEthereumNews.com.
Cryptocurrencies like Bitcoin, Ethereum, and Ripple held steady on Tuesday as the mood in the market improved after tariff reprieve. However, these coins may be affected by the performance of the stock market after the S&P 500 index formed the first death cross pattern since 2022. This article provides an in-depth BTC, ETH, and XRP price prediction after this cross happened. S&P 500 Index Forms Death Cross The S&P 500 index has bounced back from its lowest point this month. This recovery happened after Donald Trump delivered a 90-day pause of his tariffs to over 70 countries. The gains then continued on Monday after he offered some of exemptions to his tariffs meaning that he is a bit flexible on his policy. The risk, however, is that, as shown below, the S&P 500 index’s fundamentals have worsened in the past few days. Precisely, it has formed a death cross pattern for the first time since 2022. This pattern forms when the 50-day and 200-day moving averages cross each other. The death cross means that the index may continue falling in the coming months. For example, the last time this pattern formed in 2022, the index crashed by over 17%. A similar crash would likely lead to more volatility in the crypto market since the two industries are highly correlated. XRP Price Technical Analysis The XRP price has done well in the past few days as it jumped from a low of $1.6270 to the current $2.2. It has already jumped above the 200-day moving average and the neckline of the head and shoulders pattern, a popular risky pattern. However, the coin has three key risks. First, it has formed a head and shoulders pattern, a popular bearish sign in the market. It is yet to invalidate this pattern, a move…
