Best time to buy Tether?

Finding the best time to buy Tether can be challenging for many people due to the unstable trend of the dollar price in Iran. In a general answer, it is better to make your trades on working days of the week, after the dollar rate has been determined and when the price has followed a relatively stable trend for the past few days.

Finding the right time to buy Tether is important as it has a direct impact on the net income of digital currency traders. That is, the cheaper a trader has bought Tether, the better position he is in when saving trading profits and converting his assets back into Tether; Because it can maximize the rial profit of its activities in addition to the dollar profit of the transactions.

Therefore, getting to know the methods of finding the best time to buy Tether is recommended for any trader who regularly uses this stablecoin in their trading activities.

If you are not familiar enough with the nature of the Tether stablecoin, it is recommended to read the article “What is Tether?” before continuing. Read on the digital currency website.

Checking the dollar price trend

Considering that the price of Tether in domestic exchanges is determined based on dollars, checking its price fluctuations will help us a lot in predicting the best time to buy Tether. Of course, analyzing the dollar price trend comes with many challenges. Unlike the existing methods for price analysis in other financial markets, there is no absolutely reliable way to predict the price trend of the dollar in the country.

However, one of the unwritten rules of the dollar market is that its price usually goes up a bit on the weekends – Thursday and Friday – due to reduced supply. Also, keep in mind that the dollar market opens a little late, between 10:00 and 11:00 AM. For this reason, some experts suggest to wait until the beginning of the week to determine the dollar rate when the market is relatively calm.

Another thing to keep in mind is that, normally, the volatility of the dollar price increases from the evening onwards. For this reason, maybe it is better to try to make your purchase before the evening (3:00 PM to 6:00 PM) after announcing the dollar price and checking the price of Tether in different exchanges. Finally, perhaps the best time to buy Tether is when the dollar price has remained more or less stable for several consecutive days and has not experienced significant fluctuations.

Bitcoin Price Effects

After the dollar, the price of Bitcoin is the second most influential factor in finding the best time to buy Tether. Many traders and investors use stablecoins, especially Tether, to store profits or preserve the value of their capital during times of extreme volatility in the price of Bitcoin and other digital currencies.

Logically, with the fall in the price of Bitcoin and the increase in demand for buying Tether, we will see the difference in its price compared to the dollar. Under normal conditions, the difference between the price of Tether and the dollar in the domestic exchange is about 1,000 Tomans, while at the peak of Bitcoin price fluctuations, this figure has reached more than 5,000 Tomans.

As a result, if your decision to buy Tether is accompanied by an increase in the price volatility of Bitcoin, it may be better to wait until the relative calm of the market conditions and the reduction of its price difference with the US dollar.

Market news and sentiments (fundamental analysis)

The price of the dollar and, as a result, the price of Tether is largely influenced by various factors such as inflation, monetary policies of the central bank, internal issues and foreign policies of Iran. For this reason, the publication of news, both in the official and unofficial space, has a great effect in directing the market trend.

Therefore, reviewing the economic and political news and analyzing how they will affect you in the short term will help you find the best time to buy Tether with more confidence.

technical analysis

As mentioned, fundamental factors have a significant impact on the direction of Tether’s price path. Despite this, there are traders who use technical analysis to find the best time to buy Tether and believe that the price moves in certain trends and tends to maintain its previous trend.

In general, it can be said that the use of trend lines, support and resistance levels, indicators, chart patterns, etc., along with other factors affecting the price, will help you to predict the future trend of the Tether market more accurately and to be able to find entry points. And recognize the right exit in your trades.

Conclusion

Finally, considering the unstable exchange rate situation in Iran, predicting the best time to buy Tether can be challenging. It is recommended not to invest all your capital in one transaction if you do not have enough experience in analyzing market trends.

Also, before making your transactions, you can use Tether Erzdigital’s purchase page to compare the current price between exchanges, the volume and transaction fees of this stablecoin in domestic exchanges. Usually, if the spot rate is rising, it is better to wait until the trend stops and the price declines.

Don’t forget that buying under the influence of fear of getting stuck or emotional selling following the publication of negative news can sometimes bring significant losses to you. Therefore, you should try to do all your transactions away from emotional factors and with full knowledge.