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.
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.”
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun