Justin Bennett Predicts A Rally For Dogecoin – Must Clear Key Resistance
According to Justin Bennett, a top crypto analyst, after clearing one key resistance level, Dogecoin (DOGE) could be ready to rally at least 30% above its current price.
Bennett shared with his 84K followers on Twitter that DOGE is ready to break out of a long resistance level that it has been up against for months.
“DOGE looks ready (as long as $BTC cooperates).
Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”
According to the analyst, in the near term Dogecoin must flip the $0.26 level into support and break and defend above $0.27 before continuing higher to his next target $0.34.
At time of writing, Dogecoin is trading at $0.2636.
Bennett also looked into Bitcoin, and pointed out that BTC’s ability to maintain the $60,000 level shows huge strength for the asset that could have big impact on the wider crypto market.
“Although the BTC weekly candle might not look great, it still held above $60k.
That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.
That’s huge.”
Although the $BTC weekly candle might not look great, it still held above $60k.
That's what I was looking for. Doesn't mean we can't see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.
The trader also uses Bitcoin dominance indicator, which measures BTC’s market cap relative to the rest of the crypto markets. BTC dominance is clearing a support level and is currently on its way up, Bennet points out.
“BTC.D is bouncing from 44.5% support.
Surprise, surprise.”
Bitcoin dominance often suggests that altcoins will underperform against Bitcoin. However, according to the crypto analyst this is likely to be the case in the short term. Big moves for Bitcoin usually translates to a signal for altcoins to climb as well.
“This isn’t necessarily a bad thing for altcoins.
Will they suffer if BTC.D heats up again?
In the short term and against BTC, yes.
But Bitcoin strength now is massively bullish for alts over the next few months.
