Justin Bennett Predicts Bullish December For ETH And DOGE
According to cryptocurrency analyst Justin Bennett, certain signals indicate that next month might turn out to be very bullish for certain crypto assets, such as Ethereum (ETH) and Dogecoin (DOGE).
Dollar Index (DXY)
Bennett shares with his 91.4K followers on Twitter that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is indicating positive signs for the digital asset markets.
Usually, weaker DXY usually means higher prices for many other assets. The analyst points out that DXY might have just had a failed breakout, and could now be looking at a downward trend.
“DXY looks good for a crypto rally heading into December.
Friday’s close back inside this channel indicates weakness. Now for a close below 95.80.
Let’s see.”
$DXY looks good for a #crypto rally heading into December.
Friday's close back inside this channel indicates weakness. Now for a close below 95.80.
Bennett is also looking into the total market cap of crypto (TOTAL), which is currently trending down in a large descending wedge. He also points out a that there is a bullish divergence between the rising relative strength index (RSI) and the downward price movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.
“TOTAL falling wedge and bullish divergence developing on the intraday charts.
Something to keep an eye on.”
$TOTAL falling wedge and bullish divergence developing on the intraday charts.
Regarding Ethereum, Bennet believes that December will be very good month for the second largest digital asset, as it has held the $3,950 support level. “ETH looks poised to do well in December,” he tweeted, adding that it only needs volume to break out.
Another coin poised to rally next month, according to Bennett, is Dogecoin (DOGE). The analyst says that DOGE is in the middle of a breakout, with its first key resistance at $0.25, and a final resistance level at all-time highs above $0.75.
