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Ever wondered why a stablecoin chart looks like a mountain range when you zoom in too far?
Looking at $USDC on the daily and it is a reminder of how much "stability" actually fluctuates in the background. We are sitting at 0.9998 right now and while that seems like nothing, the volume is massive at 1.50B on both sides.
There is clearly some heavy sell pressure keeping us just under that 1.0000 peg today. You can see the resistance at 1.0002 being a tough nut to crack lately. On the downside, we have a tiny floor around 0.9997 that keeps getting tapped but hasn't broken yet.
It's mostly noise for most people, but for the whales moving millions, these micro-flips are everything. If we don't reclaim 1.0000 soon, it just shows how much USDT dominance is playing a role right now.
#CryptoMarketBouncesBack