The USDT.d chart shows that the descending channel formed between February and June has broken upwards. Following this breakout, USDT dominance has surged from around 7.3% to nearly 9%. This movement indicates a significant flow of capital from the market into stablecoins.
Currently, dominance sits at 8.31% and is pulling back from its recent peak.
Key levels:
Resistance: 8.30% - 8.50% zone
Support: 7.85%
Strong support lower down: 7.50% - 7.30%
A drop in USDT dominance suggests that investors are moving out of stablecoins and back into cryptocurrencies, indicating an influx of capital into #Bitcoin and altcoins.
If dominance finds support at the 7.85% level and heads back towards the 8.3%-8.5% range, it signals that investors are starting to liquidate back into cash. Therefore, we need to monitor this support closely.
Currently, dominance sits at 8.31% and is pulling back from its recent peak.
Key levels:
Resistance: 8.30% - 8.50% zone
Support: 7.85%
Strong support lower down: 7.50% - 7.30%
A drop in USDT dominance suggests that investors are moving out of stablecoins and back into cryptocurrencies, indicating an influx of capital into #Bitcoin and altcoins.
If dominance finds support at the 7.85% level and heads back towards the 8.3%-8.5% range, it signals that investors are starting to liquidate back into cash. Therefore, we need to monitor this support closely.