USD Coin—as the name suggests, is one of the top 15 completely collateralized USD stable coin, which is deemed to have its price movement around $1. USDC is issued and completely regulated by financial institutions against which these institutions maintain reserves of the equivalent fiat currency in a ratio of 1:1 against the US Dollar. At the press time, the currency was trading at $1.00.
USDC—Ethereum powered coin is an open-source project that came into action by the contributions from Circle and Coinbase. Trading around its deemed value, i.e., $1, USDC has marked the YTD brief candlewick high at $1.1007 against the US Dollar on the 24-hour chart by Kraken. With a completely flattish movement, the token has hit the candlewick lowest at $0.986 in March 2020.
However, it holds complete support from the daily MAs, i.e., 50-day and 20-day MA, just around the current trading price at $1. If USD Coin plummets any further, it is likely to face supports below $1 around $0.99 and $0.98 with a bearish crossover.
The RSI of USD Coin is at 47.99 and away from hitting the extremities due to no steep movement in the price; however, the token appears volatile in itself, having an influential movement to that of the USD.
