USD Coin Long-Term Technical Score of 23 Signals Bearish Pattern

Christian Encila

2 years ago

2 mins read

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USD Coin price is currently trading at $0.999137, down 0.2 percent in the last seven days, data from Coingecko show, Saturday.

USDC hit its all-time high three years ago or on May 8, 2019, at $1.17. The coin registered its all-time low last year on May 19, 2021, at $0.891848.

It has a total of 55 billion coins in circulation and has a trading volume of $5,576,310,766.

USD Coin Remains Bearish With LTT Score Of 23

The long-term technical score of USDC is now at 23 which gives away a weak and bearish standpoint based on its long-term trading movement.

USDC trading volume is currently below the seven-day average seen in the last 24 hours or with a total trading volume of 6,391,817,313 as of Saturday. USD Coin currently has an active address count of 24,676.

The moving averages noted in the 20-, 50-, 100-, and 200-hour moving averages have been inconsistent and there was no clear trend seen. More so, there is a marked choppiness in terms of price with the moving averages being crossed and has oscillated from 2,009 to 23,685 as seen in the past 29 weeks.

USD Coin Value Remains Consistent

USDC, a stablecoin founded by Centre Consortium, is fully backed and pegged to the US dollar and has a set value of $1 per coin. It’s considered a great investment and passive income stream for many crypto investors because the value doesn’t change regardless of the market volatility or economic state.

Unlike other coins like Bitcoin, Ethereum, Dogecoin, Shiba Inu, and the like, with prices fluctuating wildly by the hour, the value of the USDC Coin remains consistent and predictable over time.

USDC total market cap at $55.3 billion on the daily chart | Source: TradingView.com

Every USD coin is also collateralized by the US dollar in a bank. This means every USDC has an equivalent US dollar in storage. A fresh new coin is created and backed in a separate bank account by demand.

It is in fact the only stablecoin that is both crypto-collateralized and fiat-collateralized. Unlike Tether, USDC is completely backed by fiat assets which makes it extremely popular and widely accepted even by traditional investors who have risk aversions against the extreme volatility and uncertainty of most digital assets.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

USDC provides stability to the very erratic state of cryptocurrencies. With US dollars in the blockchain, it provides quick USDC to USD conversions, peer-to-peer transactions, e-commerce, and payments done in minutes.

Featured image from Freepik, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.