Despite the stagnation in the crypto market, one cryptocurrency analyst sees potential for a bull run. Analyst looks at USDT dominance chart and points out dormant investment potential. Based on this, the analyst names 6 altcoins to watch for potential upside.
Analyst sees bullish signals on USDT dominance chart
Amidst the dull state of the crypto market, where most coins have largely fallen into the red zones, popular YouTube channel “Crypto Banter“ argues that the market is still on the rise based on a key indicator. The supporting indicator that the crypto analyst relies on is the stablecoin vs volatile token metric. The analyst acknowledges the existence of various factors affecting altcoin market dynamics. However, he emphasizes the importance of carefully observing the USDT dominance chart.
The USDT dominance chart, in particular, serves as a crucial benchmark that reveals the ebb and flow of funds between stablecoins and the broader crypto market. The analyst points out that despite minor fluctuations, USDT dominance has not yet passed through a critical resistance level. This observation points to potential changes in investment behavior. It is also recognized as an important factor in predicting suitable spot entry. The crypto analyst also explains that the USDT dominance chart reflects the movement of dollars entering and exiting the crypto market. In particular, when investors move their funds from USDT to altcoin projects and other assets, they contribute to market growth. Conversely, when the dominance chart shows an upward movement, it means there is a transition from assets to stablecoins. So, it indicates a potential pullback.
Crypto Banter: Keep these 6 altcoins on your radar!
The analyst emphasizes that the lack of a break at USDT’s dominance resistance is a positive signal for the market. According to Crypto Banter, this means there is still untapped potential for more money to flow into the crypto space.
As a result, the analyst claims that there is reason to remain optimistic until there is a clear break above the resistance level on the USDT dominance chart. It also urges market participants to keep an eye on tokens, including Bittensor (TAO), which is up 13% at the time of reporting. Additionally, the analyst names 3 more altcoins. These include Klaytn (KLAY), BLUR, BEAM, Fantom (FTM) and Chiliz (CHZ).
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