The global financial markets have been varying heavily due to multiple external factors, which have impacted the crypto markets too. Besides, the rise in strength of the USDT and its dominance within the markets also play a major role. The dominance of USDT has reached a crucial point wherein a small negative action may trigger a strong pullback. This may offer cryptos an opportunity to initiate a strong ascending trend.
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.
âI 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?
Referring to the above chart, the analyst points out the recent consolidation, which has formed a bearish pattern. Ever since the levels broke down from the rising trend line, the USDT.D. has been trading within an ascending, broadening wedge. The recent rejection from the resistance is expected to cause the levels to drop to the support, which may further drag the levels below. The dominance, which is hovering around 5.5% to 5.6%, could drop close to 2% if this trade plays out well.
With this, the possibility of a strong rebound within the crypto markets emerges, driving the Bitcoin (BTC) price and other altcoin prices significantly high. $SUI
