Crypto analyst Justin Bennett states that Dogecoin (DOGE) may be ready to run for a rally about 37% above current prices. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Justin Bennett: DOGE looks ready, as long as BTC cooperates…
Popular analyst Justin Bennett tells his 88,000 Twitter followers that DOGE is trying to break out of a long line of descending resistance it has faced since May. Justin Bennett comments on the subject:
DOGE looks ready (as long as BTC cooperates). To open 0.34+, it needs to go above 0.27 on a daily close basis.
Justin Bennett: DOGE should do this for the rally!
In the near term, Justin Bennett said that DOGE should turn the $0.26 level into support and close above $0.27 before continuing to rise to its initial target of $0.34. At the time of writing, Dogecoin is trading at $0.26 according to CoinGecko. The analyst looking at Bitcoin says that BTC’s ability to hold the $60,000 level is a huge show of strength that could have big implications in the broader markets. Justin Bennett comments on the subject:
Although the BTC weekly candle did not look great, it still remained above $60k. This is what I was looking for. It doesn’t mean we can’t see more pullbacks before we get higher. However, this means that $60,000 is held as support on a weekly close basis. This is huge…
Justin Bennett also looks at Bitcoin dominance
Justin Bennett also looks at Bitcoin dominance comparing BTC’s market cap to other crypto markets. It says it bounced off a support level and is currently on its way up. Justin Bennett comments on the subject:
BTC.D bounced from 44.5% support. Surprise surprise.
Justin Bennett: Altcoins can take this as a signal to rise!
While increasing Bitcoin dominance often suggests that altcoins will underperform, Justin Bennett says this may only be true in the short term. The analyst says that if the leading coin looks healthy, altcoins could take it as a signal to rise. Justin Bennett comments on the subject:
This is not 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 is largely bullish for altcoins in the next few months. Fiat -> Bitcoin -> Altcoins.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.