- TerraClassicUSD fell 4.35% in value, reflecting broader market instability and bearish trends.
- USTC shows potential for a bullish reversal despite trading within a bearish triangle pattern.
- RSI indicates that the token is neither overbought nor oversold, suggesting room for price movement.
Over 24 hours , USTC has experienced a dip in the market value of 4.35%, resulting in its net worth of $0.01618. The decline was reflected in the broader market trends, with the coin’s market capitalization now priced at $90.25 million, a 3.69% decrease. In support of this, the 24-hour trading volume has reached 9.77 million, marking a substantial 70.91% decrease from the previous levels. Despite this drop, its circulating supply continues to remain stable at 5.58 billion tokens, with a total supply of 8.95 billion tokens.
Source: coinmarketcap
The daily price chart reveals a bearish trend for USTC, starting at $0.01698 and seeing a steady decline to as low as $0.0153 before partially recovering to its closing price of $0.0162. This trend highlights strong bearish market Instability that may be attributed to factors like macroeconomic conditions or even investor sentiment and market Uncertainties. The future trajectory of the coin remains uncertain, with traders and enthusiasts watching for any signs of recovery.
USTC Nears Key Support Levels with Signs of Possible Bullish Reversal
For more technical analysis, the USTC has experienced a prolonged period of consolidation within the descending triangle pattern. Further, the charts reveal that it has been trading with a resistance at the upper tend B and its support level of $0.00965 labeled as A. The triangle typically suggests a bearish continuation, but the recent price action suggests a potential breakout, which could lead to a bullish reversal. The Fibonacci retracement is from the swing high to the recent low, with key levels at 23.60%, 38.20%, 50.00%, 61.80%, and 78.60. This price is tested at a 100% retracement level, an indication of a critical support zone.
source : tradingview
The Relative Strength Index (RSI) is currently at 46.6, which is an indication of a slight recovery from an oversold condition. This level suggests that USTC is neither overbought nor oversold, providing room for upward momentum. Furthermore, the Moving Average Convergence Divergence histogram shows a marginally negative reading with a crossover between the MACD line and the signal line. Although the MACD remains in bearish territory, the narrowing gap suggests a possible market turn towards a bullish track.
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