Bullish daily closure above important resistance, Tether printed 100 000 000 just an hour ago, are they preparing the market for a new up move?
Back in 2017, every time they printed new tokens, price rallied.
Why does price rally after that event?
The value of Tether is meant to be equal to $1. They maintain this by changing the circulating supply by changing the balance of active and non-active balance.
If the market cap of Tether is going up, they have to increase active balance by printing new tokens.
If they are increasing the total supply of Tether tokens, there will be an increase in the market cap of Tether which usually happens when there is an overall growth in the valuation of the entire market.
Considering all these facts, the up move is something that would naturally follow after this and comparing with a bullish close above resistance, we may see attempts to reach a new high of this uptrend.
Invalidation is not close below resistance ($11500) but below support ($9600)
Back in 2017, every time they printed new tokens, price rallied.
Why does price rally after that event?
The value of Tether is meant to be equal to $1. They maintain this by changing the circulating supply by changing the balance of active and non-active balance.
If the market cap of Tether is going up, they have to increase active balance by printing new tokens.
If they are increasing the total supply of Tether tokens, there will be an increase in the market cap of Tether which usually happens when there is an overall growth in the valuation of the entire market.
Considering all these facts, the up move is something that would naturally follow after this and comparing with a bullish close above resistance, we may see attempts to reach a new high of this uptrend.
Invalidation is not close below resistance ($11500) but below support ($9600)