Tether Gold Sees Bearish Price Action Amid $102.9M DeFi Deposits
Tether Gold (XAUT) has seen significant deposits into decentralized finance (DeFi) platforms, reaching $102.9M across ten venues. The largest recipient of these funds is Aave, which has captured a substantial 74.2% of the total through its V3 and V4 markets.
This influx of capital into DeFi has caused price action on XAUT to become increasingly bearish. On the four-hour chart, the price is currently trading at $4330.96, while the EMA50 and EMA200 lines are positioned at $4461.24 and $4367.87, respectively.
Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest that XAUT is currently oversold. The RSI(14) has dropped to 28.06, indicating a potential bounce from lower-band support before any retest of the 50-EMA.