In the last 24 hrs, Tether has traded as low as $0.9989 and as high as $0.9992 on a volume of $4,596,780 worth of trading. The market capitalization is $68,542,283,383. The circulating supply is 68,543,313,310 USDT.
The bulls had attempted to push the price up but were unable to do so and the price fell back to $0.9992. Bears have been in control of the market since then and the price has been on a downward trend.
Tether Price Analysis
Source: Coin 360
The overall market has been bearish as coins like ATOM and LEO stick on a bullish trend. The market is expected to remain bearish in the short term as Giant crypto Bitcoin’s price is struggling to break out of the $10,000 mark.
The bulls had attempted to push the Tether price up but were unable to do so and the price fell back to $0.9992. Bears have been in control of the market since then and the price has been on a downward trend.
The price dipped below the $0.9995 level and has been trading below it since then. The $0.9995 level is a key support level and if the bears can push the price below this level, we could see further downside in the market.
Source: Trading View
The Bollinger bands are expanding which indicates that the market is volatile. The MACD bars are red and short indicating a bearish market.
The RSI is currently 28.48 and is showing no signs of a bounce. The MACD is bearish and is currently below the signal line. The ADX is at 21.45 which indicates that the trend is weak.
On the 4-hour price action chart, key resistance has been seen at $0.9975 where a bearish pin bar Candle stick pattern has formed.
The four-hour timeframe is currently being controlled by the bears, which may push prices further down to test key support at $0.9950 and if this level cracks, extended selling pressure could target $0.9925 as the market continues to show weakness.
On the 4-hour timeframe, key resistance has been seen at $0.9975 where a bearish pin bar candle stick pattern has formed. The four-hour timeframe is currently being controlled by the bears, which may push prices further down to test key support at $0.9950 and if this level cracks, extended selling pressure could target $0.9925 as the market continues to show weakness.
The overall market is bearish and Tether is expected to follow the same trend in the short term. The key support levels are $0.9950 and $0.9925. The key resistance levels are $0.9975 and $1.00.
The bears are in control of the market and we could see further downside in the market if the price breaks below the $0.9995 level. The next key support level to watch out for is $0.9980.Investors can expect further price movement in the market as we await more news and updates.
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