USDC DOMINANCE: THE STABLECOIN WE SHOULD ALL BE AWARE OF.
Welcome my fellow traders.
This will be my first-ever analysis of USDC.D and I hope it will be helpful to all. I have been observing this stablecoin dominance closely for the last few days and it is quite interesting to see how the USDC.D is playing off against bitcoin and other altcoins.
By the way, USDT and USDC are two different stablecoins. Both USDT and USDC are popular stablecoins, and both are fixed to the USD. However, the USDT is the most traded cryptocurrency and is slightly more widely available than USDC, while USDC has a lower trading volume, and it is considered to be a safer store of value since it's backed by cash and cash equivalents.
Coming back to the chart, The USDC.D is currently at the resistance of 4.43% after forming a symmetrical triangle in 6 hours timeframe. According to the pattern, there is a possibility that the USDC.D will break out. If that will be the case then we better be prepared for BTC and other altcoins to drop.
On the other hand, if the USDC.D follows the past by getting rejected from the resistance trendline then we can expect the USDC.D to drop up to 4.17% which means a room for BTC and other altcoins to rally a bit more. Also, if you observe the RSI then the momentum and the volume in RSI are decreasing.
We are close to the weekends once again and it will be crucial to see how it will close but before that, it is important to see how this 6 hours candle will close. We still have 5 hours in our hands so better wait and observe.
I will update you more on this in the coming days. So be prepared.
If you like this idea then do raise a thumbs up and follow.
Thank you.
This will be my first-ever analysis of USDC.D and I hope it will be helpful to all. I have been observing this stablecoin dominance closely for the last few days and it is quite interesting to see how the USDC.D is playing off against bitcoin and other altcoins.
By the way, USDT and USDC are two different stablecoins. Both USDT and USDC are popular stablecoins, and both are fixed to the USD. However, the USDT is the most traded cryptocurrency and is slightly more widely available than USDC, while USDC has a lower trading volume, and it is considered to be a safer store of value since it's backed by cash and cash equivalents.
Coming back to the chart, The USDC.D is currently at the resistance of 4.43% after forming a symmetrical triangle in 6 hours timeframe. According to the pattern, there is a possibility that the USDC.D will break out. If that will be the case then we better be prepared for BTC and other altcoins to drop.
On the other hand, if the USDC.D follows the past by getting rejected from the resistance trendline then we can expect the USDC.D to drop up to 4.17% which means a room for BTC and other altcoins to rally a bit more. Also, if you observe the RSI then the momentum and the volume in RSI are decreasing.
We are close to the weekends once again and it will be crucial to see how it will close but before that, it is important to see how this 6 hours candle will close. We still have 5 hours in our hands so better wait and observe.
I will update you more on this in the coming days. So be prepared.
If you like this idea then do raise a thumbs up and follow.
Thank you.
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