Justin Bennett: Polkadot And VeChain Look Strong, As USD Loses Steam
According to top crypto analyst Justin Bennett, two altcoins Polkadot (DOT) and VeChain (VET) are signaling strength as USD could be setting up for a break down.
Polkadot (DOT)
Bennett shared with 100K Twitter followers that once Polkadot manages to close above $19.40, DOT is ready to shoot up to $23 levels.
At the time of writing, DOT trades at $20.56, up 7% on the daily chart.
VeChain (VET)
Bennett also has VeChain (VET) on his radar, especially against Ethereum (VET/ETH). According to the chart guru, based on the technicals, VET/ETH could soon see a massive breakout.
“VET inching closer to a bullish breakout against ETH.
Coming off macro support and testing January resistance.
Soon.”
$VET inching closer to a bullish breakout against $ETH. ?
Coming off macro support and testing January resistance.
As altcoins are shoeing signs of awakening, Bennett notes that the US dollar index (DXY), which is often inversely correlated with most risk assets including cryptocurrencies, looks to be gearing for downward movement, would be bullish for digital assets, the analyst points out.
“DXY is moving higher today but has reached the bottom portion of a resistance area between 98.50 and 98.70.
Needs to close below 97.70 to open up 96. Above 98.70, and we’re probably looking at mid 99s again.
Range-bound for now, so expect similar conditions elsewhere.”
$DXY is moving higher today but has reached the bottom portion of a resistance area between 98.50 and 98.70.
Needs to close below 97.70 to open up 96. Above 98.70, and we're probably looking at mid 99s again.
