USDT DOMINANCE: HOLDING THE 2ND SUPPORT LEVEL.
Hello traders, here's an update on the USDT dominance in 8 hours timeframe.
This 8 hours chart looks interesting as the market is making some bullish moves. Recently, we saw the dominance getting rejected from the previous 8.16% support level (currently, a resistance). It dropped close to -5% in the last 24 hours but couldn't break down below the 7.9% support level. Now, this support is crucial for the dominance to hold on to because if this breaks, the USDT.D could drop as low as 7%. For now, the USDT dominance is bouncing back and the RSI is backing up this bounce. If the bounce continues then 8.18% is the resistance and after that, we can expect a drop. Breakout and close above the resistance will invalidate the rejection.
That's it for now. I hope this update was helpful to you. Make sure you like, share, and comment.
Thank you, guys, and trade safely.
This 8 hours chart looks interesting as the market is making some bullish moves. Recently, we saw the dominance getting rejected from the previous 8.16% support level (currently, a resistance). It dropped close to -5% in the last 24 hours but couldn't break down below the 7.9% support level. Now, this support is crucial for the dominance to hold on to because if this breaks, the USDT.D could drop as low as 7%. For now, the USDT dominance is bouncing back and the RSI is backing up this bounce. If the bounce continues then 8.18% is the resistance and after that, we can expect a drop. Breakout and close above the resistance will invalidate the rejection.
That's it for now. I hope this update was helpful to you. Make sure you like, share, and comment.
Thank you, guys, and trade safely.
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