USDT DOMINANCE: IS IT TIME FOR THE DOMINANCE TO FALL???

Hey there members. Welcome to this important update on USDT Dominance in 3 days timeframe. This update is going to be a crucial one as it will decide whether the market will make a bullish move or whether it will break down further.

So, let us analyze this chart.

Ever since the September 2020 rejection of USDT.D, the dominance has been maintaining the support and resistance trendline in a very healthy manner. Back in September 2020 when the USDT.D got rejected, it dumped from 4.89% to 1.91% which was around a 60.6% drop. The 2nd rejection was on June 2021 when the dominance reached 5.5% making a new ATH. It dropped from 5.5% all the way to 2.45% and it was around a 55% drop.

Coming to the current scenario, the USDT.D has made a new ATH at 7.27% and after reaching this level, we can clearly see a rejection taking place. But, will this rejection be strong enough to drop the price all the way down to the 3% level? Or whether the USDT.D will rally higher than its ATH?
The answer lies within the chart. From my analysis, the USDT.D has strong support at 5.9% and another support at 5.2%. If the USDT.D breaks down below these two support levels then we can expect the dominance to drop down towards the 3% level.

I will update more on this in the coming days.

Do let me know what you think about the USDT Dominance.

Like and follow if you agree with this idea.

Thank you.