USDT DOMINANCE AT 21 MA SUPPORT
Welcome to this quick update on USDT dominance.
The USDT dominance went as expected. If you had followed my previous USDT.D chart then in that chart I clearly mentioned that "Dominance is on the verge to fall. We have strong resistance at 5% and it is highly likely to get rejected from here." That's the exact level from where the dominance got rejected and it is currently at 4.19%. This drop from 5% to 4.19% is a 20% drop which means BTC and other alts gained some bullish momentum.
The thing that could be an obstacle here is the 21 MA where the USDT dominance is currently holding good support. If you compare this USDT dominance support with any other altcoins or BTC then you'll notice that almost every altcoin will be at the resistance.
According to the analysis, the dominance should drop but will it drop straight or after a bounce that's something we need to pay attention to. If the dominance drops further from this level then we have a long way to reach the bottom which means plenty of room for BTC and other alts to grow. But a re-bounce on the other hand will be a red alarm for BTC and other alts.
Let me know what you guys think about the USDT dominance.
Trade safe.
The USDT dominance went as expected. If you had followed my previous USDT.D chart then in that chart I clearly mentioned that "Dominance is on the verge to fall. We have strong resistance at 5% and it is highly likely to get rejected from here." That's the exact level from where the dominance got rejected and it is currently at 4.19%. This drop from 5% to 4.19% is a 20% drop which means BTC and other alts gained some bullish momentum.
The thing that could be an obstacle here is the 21 MA where the USDT dominance is currently holding good support. If you compare this USDT dominance support with any other altcoins or BTC then you'll notice that almost every altcoin will be at the resistance.
According to the analysis, the dominance should drop but will it drop straight or after a bounce that's something we need to pay attention to. If the dominance drops further from this level then we have a long way to reach the bottom which means plenty of room for BTC and other alts to grow. But a re-bounce on the other hand will be a red alarm for BTC and other alts.
Let me know what you guys think about the USDT dominance.
Trade safe.
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