USDT dominance on the 4-hour timeframe.
The price is trading within a clearly defined descending channel.
The current movement indicates rejection near the upper trendline, which suggests continued bearish momentum.
The 50-period EMA (red line) acts as a dynamic resistance.
The recent retest and failure to close above it confirms the bearish bias.
The chart suggests a move towards the channel's lower trendline, around 3.85%- 3.90%, as the next support area.
The lack of breakout volume indicates continued selling pressure.
If USDT dominance breaks below 3.90%, it could signal strength in crypto assets, with altcoins seeing a rise.
A breakout above the 50 EMA and upper channel trendline could reverse the trend.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
The current movement indicates rejection near the upper trendline, which suggests continued bearish momentum.
The 50-period EMA (red line) acts as a dynamic resistance.
The recent retest and failure to close above it confirms the bearish bias.
The chart suggests a move towards the channel's lower trendline, around 3.85%- 3.90%, as the next support area.
The lack of breakout volume indicates continued selling pressure.
If USDT dominance breaks below 3.90%, it could signal strength in crypto assets, with altcoins seeing a rise.
A breakout above the 50 EMA and upper channel trendline could reverse the trend.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
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