USDT/USD remains below its spoken bar of $1.00, and its failure to reach that level for some time may trigger speculative considerations.
USDD/USD is trading below 1,000. As the most important stable coin in the world of cryptocurrency, Tether proclaims that it functions as a solid fundamental for digital assets allowing cryptocurrency businesses to conduct USDT/USD transactions with other cryptos to lock in the value. However, over the past month, with the destruction of TerraUSD and its oblivion from the world of stablecoins, questions have arisen regarding all the remaining stablecoins, including Tether.
USDT/USD, however, looks rather intriguing from a speculative standpoint as it has struggled to break even $1.00 on a regular basis since the 11e of may. The 12e In May, USDT/USD momentarily dipped to a value near 0.93960000 as fear raged through the cryptocurrency world, as a selling storm engulfed the broad market and concerns about stablecoins peaked with the failure of TerraUSD.
From a speculative point of view, USDT/USD is difficult to trade because a day trader will likely need a lot of leverage to get a decent result if they don’t have hundreds of thousands of dollars. on his account to use, even if the trade moves. in the direction desired by the trader. Entry price orders should be used to ensure fractional differences are filled and there are no unexpected prices. Additionally, Tether moves as slowly as a snail, so quick results cannot be anticipated. It would also require patience and the ability to withstand transaction cost fatigue via overnight trading of USDT/USD.
Simply put, if a speculator wants to sell USDT/USD because he thinks the so-called stable coin may still drop in value, he may be right, but the trader may not have enough time. to make the trade profitable as it will likely have to give before a positive result can be achieved. However, if a trader has the deep pockets, the time, and understands the costs involved in trading USDT/USD, there could be an opportunity to bet on further bearish momentum. Folks, this is why hedge funds are the community primarily trying to short Tether, they have the money and time to pursue this option.
Traders who cannot actually trade USDT/USD, however, can use Tether to their advantage. USDT/USD is an interesting barometer of the broad cryptocurrency market. Tether’s inability to seriously trade near 1.00000000 over the past few weeks is rather surprising and indicates that the bear market has not disappeared in cryptos. As long as USDT/USD remains below the 1.00000000 ratio, it may be a sign that selling will remain the strongest force in the world of digital assets.
Current resistance: 0.999371000
Current support: 0.99890000
High target: 0.99960000
Low target: 0.99850000