Crypto prices today remained on edge as a top economist warned of a potential US recession despite the strong nonfarm payrolls last week. Bitcoin price dropped to $94,400, Pi Network (PI) to $0.58, XRP to $2.17, and Toncoin (TON) to $3. All crypto coins tracked by CoinMarketCap erased billions in market value as their valuation dropped to $2.95 trillion from $3.1 trillion last week.
Crypto Prices Today Falls as Economist Warns of a US Recession
Crypto prices today declined after Mark Zandi, the head economist at Moody’s, warned of a potential US recession. His statement downplayed the optimism of the US economy after the Bureau of Labor Statistics (BLS) published strong nonfarm payrolls data.
He argues that the US may enter a downturn for a few reasons. Consumer confidence has plunged by 18.3 points in the last three months as concerns about tariffs remain. Zandi’s studies show that the economy typically moves into a recession if the confidence figure drops by 20 points in a three-month period.
Further, he warned that the 0.3% contraction in the first quarter would have been worse had consumers and businesses not boosted their purchases ahead of tariffs. He therefore expects that the second quarter to be worse for the US GDP as spending slows.
Zandi believes that the US jobs data did not reflect what happened in April. He noted that the survey was collected between April 6 and 12, meaning that it was not directly affected by Trump’s Liberation Day tariffs.
Mark Zandi Forecast
On the positive side, a US recession would be a good thing for crypto prices as it would push the Fed to deliver more rate cuts. It would also bring back quantitative easing, while Donald Trump would ask for more stimulus funds. All these would be bullish catalysts for top crypto market coins like Pi Network, XRP, and TON.
Pi Network Price Analysis: A Calm Before the Storm
The Pi Network price remains in a deep consolidation this month. It is stuck at $0.60, a level it has remained at in the past few weeks, and about 80% below the all-time high.
This consolidation could be part of the accumulation process of the Wyckoff Theory. Low volumes and sideways movements characterize the accumulation phase.
It is then followed by the markup phase, where demand outweighs supply. This stage is usually sparked by one catalyst. In Pi’s case, the catalyst could be a potential exchange listing. HTX has hinted of a Pi Network listing by posting several X posts with its logo.
A strong bullish Pi Network price breakout would likely push the coin to the pyschological level at $1, which is about 70% higher than the current level. A surge in other crypto prices would boost this view.
Pi Network Price
XRP Price Falls to Key Support Amid Whale Accumulation
Meanwhile, the XRP price crashed to an important support level as on-chain data pointed to whale accumulation. It retreated to a low of $2.58, coinciding with the lower side of the ascending trendline. XRP has always rallied by double digits whenever it dropped to that support level.
The coin is also stuck at the 100-period moving average. Therefore, there are two potential scenarios. First, the coin may rebound as bulls target the upper side of the channel. Alternatively, it may lose the support and then fall to $2.
XRP Price Chart
TON Price Analysis as Bears Prevail
Toncon dropped as other crypto prices fell on Monday. It moved to a low of $3, its lowest level since April 22. In a sign that bears have prevailed, the TON price also dropped below the 100-period moving average. It is forming a rounded top pattern, meaning that it may crash to $2.78 if sentiment in the crypto market wanes.
TON Price Chart
Crypto Market Eye FOMC Decision
The next key driver for cryptocurrency prices will be the FOMC decision on Wednesday. Analysts expect the bank to maintain rates steady despite the ongoing pressure from Donald Trump to cut them. Most crypto market coins will rise if the bank points to a future rate cut amid US recession fears.
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