USD Coin Technical Score Of 23 Shows Bearish Signs: Analysis

The USD Coin technical score of 23 proposes a bearish signal emerging for the coin and now the price is set at $0.999137 or down by 0.2% in the past week as we can see more today in our USD Coin news.

The USD Coin technical scores show that the asset hit an all-time high three years ago at $1.17 and the coin registered the All-time low in May 2021 at $0.891847 and more bearish signs can be evident. It has a total of 55 billion coins in circulation and a trading volume of $5,576,310,766. The long-term technical score is at 23 which gave a weak standpoint based on the long-term trading movement and the USDC trading volume is also below the seven-day average seen in the past day or with the total trading volume set at 6,391,817,313 so the coin is now has an active address count of 23,676.

The moving average in the 20, 50, 100, and 200-hour moving averages was inconsistent and there was no clear trend seen so there’s also marked choppiness in terms of price with moving averages being crossed, moving from 2009 to 23,685 as seen in the past 29 weeks. USDC is a stablecoin founded by Centre Consortium and it is fully backed by the US dollar and has a set value of $1 per coin. It is also considered a huge investment and passive income stream for most investors because the value doesn’t change no matter the market volatility.

Unlike other coins such as Doge, SHIB, ETH, BTC, with prices fluctuating by the hour, the value of the USDC coin remains predictable. Every USD coin is collateralized by the US dollar in the bank which means each coin has an equivalent dollar in storage. A fresh new coin is created and backed by separate bank accounts by demand. It’s the only stablecoin that is both cryptos collateralized and fiat collateralized but unlike Tether, it is backed by fiat assets that make it popular and accepted by traditional investors that have risk aversions against volatility and uncertainty of most assets.

USDC provides stability to the erratic state of cryptocurrencies and with US dollars in the blockchain, it provides quick conversions and peer-to-peer transactions done in minutes.