Tether Fails to Gain Momentum; May have to Stay Still Some More Days

Tether (USDT) has shown four major price swings in the last 24 hours. The value against USD is still hanging between 0.9 USD and 1 USD. There is a marginal increment in the value in the last one day, but that may not be enough for kicking off a recovery.

Tether to USD Price Analysis:

Tether’s first swing started at the opening of the day when it was at 1.0076 USD and in the next 10 hours and 55 minutes, it fell to 1.0003 USD after a 0.73% fall. However, it was followed by a hike of 0.63% and this hike added 0.0062 USD. This surge pushed the value to 1.00656731 USD by 16:44 UTC.

The third variation came between 16:44 UTC and 21:38 UTC by 0.80%. This swing was a huge decrement in the value and it cut 0.00808 USD from the price. The last variation happened between 21:38 UTC and 03:21 UTC; this swing lifted the value by 0.74% and placed it at 1.005 USD.

In the last seven days, the price trend of USDT showing stable, but volatile fluctuations. The highest point in these days was at 1.02 USD. It should be noted that in this period, USDT to USD has gone as low as 0.9956 USD.

USDT is unable to show any concrete sign of strength in the last few days. The grim market condition has taken the toll. However, its current trend is gradually taking over 20 days and 50 days average; the next resistance may come at 1.017 USD.

Resistance and Support Levels-

R1-$1.013766667, R2-$1.017533333, R3-$1.025066667

S1-$1.002466667, S2-$0.994933333, S3-$0.991166667