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The entire crypto market tumbled on Friday as investors assessed a strong non-farm payrolls number for May raising concerns that the Federal Reserve may not lower interest rates as fast as predicted. Non-farm payrolls increased by 272,000 in May, up from 175,000 in April, surpassing an estimated 190,000. The unemployment rate, however, rose to 4% for the first time since January 2022.
In the immediate term, a break above the daily moving averages of 50 and 200, around $0.524 and $0.576, could imply a positive rebound. Meanwhile, further falls may target the $0.4294 level as support in the short term.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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