Stablecoin Market Shrinks by $2.24 Billion Amid Bitcoin Decline
- Market Capital Outflow: Over the past 10 days, the combined market cap of the top 12 dollar-pegged stablecoins has decreased by approximately $2.24 billion, indicating that investors are opting to move funds into fiat rather than rotating within stablecoins, thereby reducing liquidity typically used for dip-buying.
- Bitcoin Price Decline: Bitcoin's price has slid from around $95,000 to $88,441, closely correlating with the contraction in the stablecoin market, suggesting a cautious market sentiment and diminished risk tolerance among investors.
- Weak Derivatives Market: Bitcoin's derivatives open interest has remained rangebound between 245,000 and 267,000 BTC, indicating a lack of strong speculative activity as investors maintain caution amidst dwindling liquidity, failing to quickly re-leverage to chase rebounds.
- Liquidity Warning: The contraction in stablecoin supply typically reflects net outflows at the issuer level, and the current liquidity warning signals that the market environment is unfavorable for a rapid rebound, with investors preferring to cash out rather than maintain risk exposure within the crypto market.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE) As of , (STABLE) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 4 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.00287 | 0.00633 | 0.0143 | 0.0235 | 0.0315 | 0.0407 | 0.0487 |
| Fibonacci | 0.00633 | 0.0129 | 0.0169 | 0.0235 | 0.0301 | 0.0341 | 0.0407 |
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