Daily Forecast USDTUSD : USDT (Tether) unyielding price is seen as one of the factors that has an impact on the increased price of BTC and other coins as well this week. Notably, USDT has been taking over the digital asset market and became popular in 2019. It is also proven when OKEx launched the trade margin of Tether-Futures on its platform last November.
Technically, USDTUSD has passed the nearest resistance level at 1.0009, despite the tendency of the market is towards bullish. The next price target is at resistance level between 1.0015 – 1.0019. However, it is expected that the price will face retracement earlier at minor support level of 0.9980 – 0.9975 before bullish.
As per data, USDT (Tether) market is seen to have increased 40%, from $3.3 billion to $4.12 billion and to top it off, John Carvalho, CCO of Bitrefill has stated that veteran Bitcoiner supports USDT (Tether) upon his loyalty towards Bitfinex.
“They saw that there were even more use cases because there are many people that want to be able to move dollar value or dollar-denominated value around that don’t have clear access to the US banking system and the ability to do so. And so they really found a product-market fit for a token.” -John Carvalho
Therefore, the increased value of USDT has impacted the increase of BTC price and other coins too. Consequently, it has given the opportunity for traders and investors to focus on coins opposed to USDT, which is also seen to become bullish.
Risk Warning: Cryptocurrency investment is subjected to a high-risk market. All the analysis given is for the purpose of opinion only, it is not required to follow all the analysis. Techcryption is not responsible for any direct, indirect or consequential losses as a result of trading competition. Please make your investment with caution.
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An analyst that brings techniques from experience. Experience in the forex market since 2006. We see "price" in a different way.