The crypto market is turning extremely bearish as Federal Open Market Committee (FOMC) prepares to discuss Fed rates.

With nearly 24 hours remaining until the FOMC meeting, where the possibility of a rate cut in the U.S. market will be discussed, the global and crypto markets’ price predictions are turning extremely bearish.

As the U.S. and broader crypto markets witness a short-term correction, the increased tensions before the FOMC meeting are likely to result in a steeper correction ahead.

Unchanged Rates To Crash Markets U.S. and Crypto Alike

The upcoming Federal Open Market Committee meeting on May 7 will discuss the possibility of a rate cut in the U.S. market. However, the FedWatch tool suggests a 98.2% chance that the current rates will remain unchanged.

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The rates are expected to remain unchanged, which could reduce market liquidity and increase investor risk appetite, potentially leading to short-term corrections.

Uncertainty In Dow Jones Index Warns Of Correction

The Dow Jones, the U.S. index of the top 30 companies listed on the U.S. Stock Exchange, slowed down on May 5, forming a doji candle. The uncertainty in the market kept the Dow Jones slightly above the $41,000 mark.

Closing below $41,000 will decrease the chances of the Dow Jones making a bullish comeback, which will likely lead to a steeper correction in the broader U.S. market, according to broader market anticipation and price predictions.

Bitcoin Could Hit $91k If Bears Take Over

As the tensions grow, Bitcoin struggles to stay above $94,000. With an intraday pullback of 0.61%, the Bitcoin price is currently at $94,200.

The 50-day and 100-day EMA lines provide a bullish crossover, while the MACD and signal lines show a negative crossover as Bitcoin loses momentum, increasing the risk of a steeper correction.

Based on the Fibonacci levels, the downfall suggests a Bitcoin price prediction of $87,653.

Ethereum Price Prediction Targets Sharp Correction To $1,577

Amid the rising bearish influence, Ethereum is on the verge of retesting $1,755, where the Supertrend indicator warns that a breakdown will start a new bear cycle.

The Fibonacci levels present the next crucial support at $1,676, followed by $1,577. However, Ethereum price prediction suggests a potential surge to $1,855 if bulls can hold the price at $1,755.

Binance Token Under $600 To Experience Steeper Correction

The BNB token is at great risk as it trades below the recently lost $600 level. Moreover, a longstanding resistance trend line marks a bearish trend if the downfall continues.

The Binance Coin price prediction suggests a possible retest of $554, followed by $531. However, in the case of an unlikely trendline breakout, the BNB coin price could reach the immediate resistance at $637.

Bearish Streak In XRP Price To Break $2, Sellers Target $1.79

R.P.L.E. price records four consecutive bearish days, accounting for a downfall of nearly 5%. Currently, the XRP price is struggling to stay above the $2 psychological level as the selling pressure grows.

The MACD and signal lines have given a negative crossover, and the altcoin is within a falling channel pattern, which will likely push the bears to test $2. In the case of an extended correction, the XRP price trend could hit $1.79.

Dogecoin Price Prediction Warns Near 10% Crash

The biggest meme coin in the industry, Dogecoin, has recently breached a short-term support trendline, signaling a potential correction ahead. The extended correction, the breakdown rally, has breached the $0.17 mark.

As the selling pressure grows, Dogecoin price prediction warns of a retest of the $0.1524 support level, which will account for a downside risk of nearly 10%.

Solana Price Trapped In Triangle, Sellers Eye $140

As the market turns volatile, Solana is trapped in a symmetrical triangle pattern, but the increasing bearish influence warns of a major crash in Solana.

The crucial support for Solana remains the 200 EMA at $140, but if the average line fails, the downside risk extends to more than 11% from the $140 mark. However, if the Solana price sustains above the 100 EMA line, a potential triangle breakout may test the $165 mark.

S.U.I Price Prediction Warns 14% Correction Ahead

S.U.I is down by 3.4