USDC DOMINANCE: HOLDING THE SUPPORT.
Updated
Hello traders, welcome to this USDC dominance update. I hope you guys followed my previous USDC.D update. If you haven't then do check out the link below and go through the update.
Timeframe: 3 Days.
Description: USD Coin ( USDC ) is a cryptocurrency whose value is tied to the U.S. dollar. USD Coin is a stablecoin, and as such one USDC should always be equal in value to one dollar. USD Coin is currently the second-largest stablecoin, with a current market capitalization of $73 billion. USD Coin and Tether (USDT) together account for 80% of the capitalization of the global stablecoin market.
Update: This is what I wrote in my previous update, "The USDC .D is unable to break through the 7% resistance level. This could be a clear sign of rejection towards the lower band of the trendline (2.5%). But before it does that, there's a support at a 5% level from where USDC .D may possibly bounce back."
The USDC.D reached up to 7.26% but failed to break through the trendline. So far it has dropped by -26% and currently, it is holding the support at 5.32%.
Support Level: As I said in my previous update, the 5% level holds support for the USDC.D could be the level from which we can expect a bounce back.
Possible scenario: If the USDC.D manages to hold this support level and bounces back then it is most likely going to reach 6.6% or 8%. On the other hand, if the USDC.D breaks down below the support line then we can expect a fall up to the lower support zone at 2.6%.
Conclusion: All I want to say is the market is yet to confirm a short-term bullish rally. Everybody is talking about BTC reaching 28k to 30k, which is likely possible but almost every time, we tend to follow the crowd and fail to do our own research.
Anyways, most likely this support level will decide the market scenario in the next few days. The way BTC is doing a P&D leaving behind long shadows, I honestly don't like it. So, for me, I will wait for confirmation on this one.
Let me know what you think about this update. I would love to read your opinion as well.
Thank you and trade safely.
Timeframe: 3 Days.
Description: USD Coin ( USDC ) is a cryptocurrency whose value is tied to the U.S. dollar. USD Coin is a stablecoin, and as such one USDC should always be equal in value to one dollar. USD Coin is currently the second-largest stablecoin, with a current market capitalization of $73 billion. USD Coin and Tether (USDT) together account for 80% of the capitalization of the global stablecoin market.
Update: This is what I wrote in my previous update, "The USDC .D is unable to break through the 7% resistance level. This could be a clear sign of rejection towards the lower band of the trendline (2.5%). But before it does that, there's a support at a 5% level from where USDC .D may possibly bounce back."
The USDC.D reached up to 7.26% but failed to break through the trendline. So far it has dropped by -26% and currently, it is holding the support at 5.32%.
Support Level: As I said in my previous update, the 5% level holds support for the USDC.D could be the level from which we can expect a bounce back.
Possible scenario: If the USDC.D manages to hold this support level and bounces back then it is most likely going to reach 6.6% or 8%. On the other hand, if the USDC.D breaks down below the support line then we can expect a fall up to the lower support zone at 2.6%.
Conclusion: All I want to say is the market is yet to confirm a short-term bullish rally. Everybody is talking about BTC reaching 28k to 30k, which is likely possible but almost every time, we tend to follow the crowd and fail to do our own research.
Anyways, most likely this support level will decide the market scenario in the next few days. The way BTC is doing a P&D leaving behind long shadows, I honestly don't like it. So, for me, I will wait for confirmation on this one.
Let me know what you think about this update. I would love to read your opinion as well.
Thank you and trade safely.
Note
USDC Dominance holding this support. If it bounces back then stay close to your short positions.
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