Tether Aids Venezuela's Oil Trade to Bypass Sanctions Using USDT
- Compliance Assurance: Tether emphasizes its cooperation with U.S. authorities to ensure compliance with sanctions regulations, enhancing its credibility in restricted economies by freezing wallets involved in illicit activities upon request.
- Digital Currency Utilization: Venezuelan President Nicolás Maduro has leveraged Tether (USDT) for oil transactions, reportedly circumventing U.S. financial sanctions, which underscores the significance of stablecoins as a trading tool in restricted markets.
- Market Trends: By early 2024, numerous contracts by PdVSA began mandating USDT settlements, reflecting a growing trend of countries using stablecoins to bypass financial blockades, potentially attracting regulatory scrutiny.
- Market Performance: As of early 2024, USDT maintains a price of $0.99 with a market cap of $186.76 billion and a 24-hour trading volume of approximately $37.36 billion, despite a recent 43.54% decline in trading volume, indicating the stablecoin's continued importance in the 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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