USDT DOMINANCE: REJECTION IN THE HALF-WAY.
Hello traders, welcome to this USDT Dominance update.
Timeframe: 3 Days.
Description: Tether’s USDT is widely recognized as the first stablecoin, where USDT stands for the symbol of Tether's USD stablecoin (also known as Tether). In terms of market capitalization, it’s fourth overall. It was launched in 2014 as a digital token backed by fiat currency, where the USDT is pegged at 1:1 to the U.S. Dollar to ensure stability in the exchange price.
Update: The USDT.D did it again. It got rejected halfway before hitting the resistance level. The same happened in last year July, it got rejected from 5.12%. This time it was 9.49% and if the USDT.D will repeat the history then we can expect a drop up to 4%. The market will surely get bullish if that happens but we cannot ignore the support level on USDT.D. We have good support at 7% from where we may see some bounce back on USDT.D, if not then a rejection for sure.
Relation with USDC.D: The USDT.D and USDC.D are moving side-by-side making a similar move.
Conclusion: I'll keep my conclusion the same as I wrote on my USDC.D update.
If you agree with my ideas then do support me with your likes and comments.
Thank you.
Timeframe: 3 Days.
Description: Tether’s USDT is widely recognized as the first stablecoin, where USDT stands for the symbol of Tether's USD stablecoin (also known as Tether). In terms of market capitalization, it’s fourth overall. It was launched in 2014 as a digital token backed by fiat currency, where the USDT is pegged at 1:1 to the U.S. Dollar to ensure stability in the exchange price.
Update: The USDT.D did it again. It got rejected halfway before hitting the resistance level. The same happened in last year July, it got rejected from 5.12%. This time it was 9.49% and if the USDT.D will repeat the history then we can expect a drop up to 4%. The market will surely get bullish if that happens but we cannot ignore the support level on USDT.D. We have good support at 7% from where we may see some bounce back on USDT.D, if not then a rejection for sure.
Relation with USDC.D: The USDT.D and USDC.D are moving side-by-side making a similar move.
Conclusion: I'll keep my conclusion the same as I wrote on my USDC.D update.
If you agree with my ideas then do support me with your likes and comments.
Thank you.
