Tether Trend May Be Changing as Price Just Breached Above Its 20 Day Moving Average

The Hourly View for Tether

  • At the moment, USDT’s price is down $0 (-0.1%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
  • Regarding moving averages, it should first be noted that price has crossed the 100, 20, 200 and 50 hour moving averages, resulting in them with price now being below them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Tether’s hourly price chart is shown below.

The Daily View for Tether

  • Currently, USDT’s price is down $0 (-0.1%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 day moving average has been crossed, so that price is now turning below it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of Tether.

USDT

The Latest From USDT’s Blockchain

  • USDT has a count of active addresses of 52711, up 4.98% from its value day prior.
  • Over the past 29 weeks, the trend for USDT’s count of active addresses has been choppy and unclear. It has oscillated between 32943 and 111053.
  • For USDT, its number of daily new addresses is now at 12566.

Featured Tether Idea From TradingView

Below is a trading comment entitled Bitcoin – The sucker’s rally nears its end you may find interesting:

We made a case for the ultimate bear market rally just a few weeks ago. We also said the rally’s erratic movements would suck many people into believing the market has formed the bottom and reversed to the upside. Indeed, that is exactly what we currently see in the market. Mounting calls for sky-high prices, guarantees of the bottom, and fear of missing out highlight retail’s bullish sentiment. Meanwhile, the institutional side of the market continues to show systemic cracks, with many companies going bust amid crypto winter. The list of affected companies and concise description: 1. Voyager (bankrupt) – defaulted on $350 million in the U.S. dollar-pegged stablecoin, USDC, and 15,250 bitcoin. 2. Zipmex (bankrupt) 3. 3 Arrow Capital (bankrupt) – filed for bankruptcy and founders went missing. 4. Celsius Network (bankrupt) – went bankrupt after freezing over 151 000 Bitcoins locked away from its 1.7 million users. 5. CoinFlex – (limited withdrawals) 6. SkyBridge Capital – cryptocurrency fund (suspended withdrawals) 7. Coinbase (investigated by the SEC) – probed over the issuance of securities and insider trading. 8. Binance (investigated by the SEC) – probed over Tether stablecoin and insider trading.In addition to that, tighter monetary policy continues to pressure the U.S. economy, to which cryptocurrencies are highly correlated. As a result…

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