A leading crypto analyst says Tether (USDT) dominance and the US dollar index (DXY) are flashing major bullish signs for crypto.
In a new tweet, Justin Bennett shows his 99,000 followers a chart depicting the relative market dominance of USDT.
Bennett says USDT’s recent drop relative market dominance is bullish for cryptos.
“First lower low from USDT.D (Tether dominance) since November.
Bullish for cryptos.”
Bennett backs his bullish beliefs by turning to the DXY charts, which measure the value of USD against cryptos. As the DXY breaks below its current trendline, Bennett says this is a good sign for the crypto markets.
“DXY 4h breakdown.
Bullish for cryptos.”
As for what these indicators mean for leading crypto asset Bitcoin (BTC), Bennett sees BTC flipping current resistance levels and potentially moving up to higher resistance areas, such as $45,500, $53,000, and even up to $60,000.
“BTC big boy pants time.”
In a new blog post, Bennett explores enterprise-solution altcoin VeChain (VET), calling the digital asset a “trader’s dream.”
“VeChain (VET) has been a trader’s dream this month. I wrote about the potential for this rally on the 17th, and VET confirmed the breakout two days later.
Since then, VET is up about 18% and is still looking quite bullish.”
Currently, Bennett sees VET flipping the $0.056 resistance level for support. After flipping the next resistance level at $0.062, Bennett implies VeChain could jump 25% from current levels, up to the $0.07 range.
“VET daily close above + retest as new support. Simple.”
Featured Image: Shutterstock/Oleksandra Klestova