📈 USDC Dominance Goes Below EMA50, First Time Since Feb. 2020

٢٤ يناير ٢٠٢٣

USDC Dominance broke and closed below EMA50 last week for the first time since February 2020.

When this happened back in February it only lasted 6 weeks below this indicator and then moved back up... This time things are likely to be different.

USDC.D Peaked June 2022 and has been printing lower highs.
These lower highs will lead to lower lows.

USDC is a stablecoin and when its dominance goes down, crypto, Bitcoin & Altcoins, goes up!

Multiple support levels are still in the way.
These are 4.15%, 3.43% and 2.40%.

Trading volume is also low on the drop... We have a bearish chart but lacking momentum.

Maybe the bearish momentum will build up later or maybe it will recovery?

Not likely, USDC will be used to buy BTC.

Namaste.