As of 23rd January, 12 am, USDC was trading at $0.99. Mid-week, USDC price reached $1.00. Thereafter, it started falling. The closing price on 28th January was 0.99. While the fall hasn’t been steep in the past week, a downtrend is indicative of negative investor sentiment. Last Trading Hours In the past 24 hours, USDC price traded in the range of $0.93 – $0.99. https://ift.tt/3pyEZNE Price Predictions for the Day-Ahead and Tomorrow As of 29th January, 1 pm IST, USDC is trading at $0.99. After a steep pullback at 9 a.m IST, the price is on the upswing. An uptrend is likely if the price breaks out of the first Fibonacci pivot resistance level of $1.00. Currently, the crypto is trading above the Fibonacci pivot point of $0.97. The OBV is falling but the price is rising. Thus, there is a negative divergence. Therefore, the uptrend may fail. The A/D indicator, as well as price, is rising. Thus, this implies a bullish trend. The AO indicator was giving strong ‘buy’ signals a couple of hours back. But, now the ‘buy’ signal has weakened even though the AO indicator is still above zero. This implies that selling pressures are very strong and soon AO may cross below zero. Consequently, the price may start falling. Thus, AO is indicating an impending downtick. The RSI indicator is currently at 62%. USDC price is facing rejection at 70%. RSI is not moving towards the ‘oversold’ territory and is still closer to the ‘overbought’ territory. This means buying pressures are relatively stronger. So, we can expect a price upswing. Both the ‘MACD’ and ‘signal’ lines are above zero. This is a bullish sign. The uptrend is further confirmed by the ‘bullish crossover’ of the MACD line over the signal line. However, the magnitude of the crossover is not strong enough for concluding a sustainable uptrend. A steep price pullback or bearish trend can be ruled out for now, as USDC is currently trading well above the first Fibonacci pivot support level of $0.95. None of the technical indicators gave strong signs of a downtrend either.
The post USDC Trading Above the $0.97 Pivot, Expect Upswing appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
