Moustache Predicts the End of the 'Terribly Boring Time” in the Crypto Market as USDT Dominance Breaks a 5-Year Uptrend
- 王林Original
- 2024-08-20 21:23:11775browse
A popular analyst, Moustache, predicts that the sluggish market behaviour may end very soon as the USDT dominance has broken a 5-year uptrend to the downside.
After a captivating start to the year, marked by bullish and bearish activity that drove the markets to new peaks, the subsequent decline from these highs has seen the markets struggle to attract buyers, leading to consolidation within a lower range.
Most tokens have been consistently printing lower highs and lows, highlighting the bears' increasing strength. However, this descending consolidation is anticipated to conclude shortly, paving the way for a healthy upswing.
The global financial markets have been experiencing significant shifts due to various external influences, which have also impacted the crypto markets. Notably, the rising strength of USDT and its dominance within the markets play a crucial role.
The USDT dominance has reached a critical juncture where even a minor negative price action could trigger a strong pullback, presenting an opportunity for cryptos to begin a strong ascending trend.
Moustache, a renowned analyst, predicts that the sluggish market behaviour will conclude soon, as evidenced by the USDT dominance breaking a 5-year uptrend to the downside.
“I think the terribly boring time in the market will soon come to end.
I think most people have already forgotten that the USDT.D has broken a 5 year uptrend to the downside.
USDT.D down = Crypto up.
What do you think comes after this bearish retest?
MANIA”
In the chart above, the analyst highlights the recent consolidation, which has formed a bearish pattern. After the levels broke down from the rising trendline, the USDT.D has been trading within an ascending broadening wedge.
The recent rejection from the resistance levels is expected to drive the levels down to the support, which could further drag the levels below. The dominance, which is currently around 5.5% – 5.6%, could drop by almost 2% if this trade plays out well.
This would create a strong potential for a rebound within the crypto markets, driving the Bitcoin (BTC) price and other altcoin prices to new highs.
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