Can TerraClassicUSD (USTC) Hold onto Recent Huge Gains after Today’s Downward Spiral?
The cryptocurrency token TerraClassicUSD (USDT) has fallen 18.16% today to $0.04627 (USTC/USD). This is only days after the coin saw an incredible surge, and the question now is will the bearish trend stop before the coin loses all its progress?
The Rapid Ascent
On Sunday the 9th of October, TerraClassicUSD started to shoot up, climbing dramatically from $0.02917 to $0.03622. The USTC price continued to rise dramatically over the next few days, culminating in a high point of $0.06134. That was a 110% increase in just a few days, which would have made it one of the biggest success stories of the week if it had held not those gains. Today’s numbers show that is not happening.
USTC’s Bearish Movement
The coin started falling late yesterday evening, dropping sharply after reaching its apex. We saw a drop down to $0.04823 early Wednesday morning before the descent finally ended. The price then climbed up to $0.05126 before dropping again, but this time not as sharply. Now, the coin is in a downward movement that is not as steep as the initial descent but is still a rapid decline.
Today’s price at the time of writing is still well above the initial USTC rate from Sunday before the bullish trend, up by 58.6%.
Where Is USTC Headed?
Could we see a drop down to the previous level, under the $0.030 mark? It’s definitely possible, as the cryptocurrency market is not up significantly today, holding fairly steady, with a minimal increase of 0.15% overall. In other words, there’s not a lot of purchasing going on throughout the market that is going to help boost TerraClassicUSD.
The price boost from earlier in the week happened when an engineer proposed that USTC rate to be pegged to the US dollar. The proposal was designed to heal damage caused to the coin by its original developers, with aims to eliminate incredible debt that had accumulated. We will have to wait and see if the gamble pays off or if this week’s spike turns out to be an aberration rather than the norm. Until then, the price continues to hurdle downwards with no end in sight.
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