Despite USTC’s recent huge rise, Terra Classic The future of the stablecoin ecosystem still remains uncertain due to the inherent volatility of the crypto market. Many are wondering whether the stablecoin and the Terra ecosystem can maintain its upward momentum.
In a recent video, crypto analyst on YouTube channel Cilinix Crypto expressed cautious optimism about USTC’s recent bullish momentum. USTC has climbed from lows below $0.03 to current levels after touching $0.07 recently. However, the analyst warned that the weakness emerging in Terra Classic could herald problems for USTC.
Cilinix Crypto’s Views About USTC
According to him, LUNC is in a bearish trend and he believes that its price will drop soon. He expects USTC to fall as well due to the correlation between them. This expectation is both cryptocurrency This comes despite the huge gains the unit has experienced recently. A bearish future reflects ChatGPT’s uncertainty about USTC reaching $1.
The analyst also noted positive signs in USTC price action so far, including rising open interest and funding rates. It highlighted the wide trading range currently developing between resistance near $0.063 and support near $0.047.
He believes that the most prudent move for traders is to wait for a clear break above or below these levels before identifying the next major directional move.
“If USTC moves above 6.3, you know that this bullish momentum is continuing and there is momentum and USTC will likely rise again towards 7.5,” the analyst wrote. Additionally, “if USTC falls below 4.7, it will likely decline towards 3.5 and 3 cents.” he adds.
The analyst describes this as a bearish breakout where USTC loses bullish momentum. This loss of momentum will push USTC lower in the short term and lead to price consolidation.
Is a Breakage Possible?
Koinfinans.com As we reported, the analyst said that based on current market signals, the odds are most likely in favor of an upside breakout and continued bull run. However, the increased correlation with the Terra Classic leaves the door open for a potential downtrend if the divergence does not occur.
He believes that a breakout of the uptrend is the most likely scenario, but cautions followers to wait for a breakout of the $0.063 or $0.047 resistance. This breakout will confirm whether USTC will be bullish or bearish.
Overall, the future of USTC is uncertain and will depend on a variety of factors, including LUNC’s performance and USTC’s ability to differentiate itself from its counterpart. With this, BinanceWith the recent addition of USTC trading pairs, the future could be bright for the stablecoin.