USDT.DOMINANCE CHART UPDATE !!This chart provides USDT dominance, highlighting key patterns and potential market implications:
Head & Shoulders Pattern:
The chart shows a completed Head & Shoulders pattern, indicating potential bearish momentum for USDT dominance. This often signals a rotation of capital away from stablecoins and into riskier crypto assets.
USDT dominance has broken the neckline support of the Head & Shoulders pattern and is moving toward the green horizontal demand area. This area represents a crucial support area near 2.0%-2.5%.
Resistance: The neckline and the descending trendline around 4.25% now act as resistance.
Support: The green demand area near 2.0%- 2.5% is crucial. A sustained move into this area could coincide with a strong crypto market rally.
A continued decline in USDT dominance indicates growing confidence in the crypto market, with investors pouring funds into altcoins and Bitcoin.
Conversely, any improvement in USDT dominance could indicate an increase in risk aversion.
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DYOR. NFA
