Crypto analyst Justin Bennett says two altcoins are showing signs of strength as the US dollar loses a little bit of steam.
The popular analyst tells his 100,000 followers on Twitter that once it closes above $19.40, smart contract platform Polkadot (DOT) is set for rallies.
“DOT is breaking out.
Waiting for the daily close above $19.40 to add.”
Based on the analyst’s chart, he sees an initial bullish target of $23.23 before opening the doors to $32.37 for DOT.
Bennett is also eyeing up enterprise blockchain VeChain (VET), currently priced at $0.05. He looks to VeChain’s Ethereum pair (VET/ETH) to gauge its strength and says VET/ETH could be on the verge of a huge breakout, based on its technicals.
“VET inching closer to a bullish breakout against ETH.
Coming off macro support and testing January resistance.
Soon.”
While altcoins enjoy a bounce, the crypto analyst says that the US dollar index (DXY), which is often inversely correlated with most risk assets including cryptocurrencies, might be set up for a break down which he says would be bullish for digital assets.
“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.”
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