Polkadot And VeChain Flash Bullish Signals Are The US Dollar Drops In Strength | CryptoGazette
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More altcoins are flashing bullish signals these days as the US dollar seems to be losing strength, according to the latest data. Check out the state of altcoins VeChain and Polkadot below.
The popular crypto analyst Justin Bennett says the two altcoins are showing signs of strength as the US dollar loses a little bit of steam.
Polkadot and VeChain price trajectory
He recently explained on his social media account 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, as the online publication the Daily Hodl notes.
Bennett also has his eyes on VeChain (VET).
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.”
The popular analyst is also talking about the state of the US dollar.
DXY state in the market
He said that while altcoins enjoy a bounce, 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.”
The crypto market looks good today, with the most important coins trading in the green. The market has been suffering multiple corrections and high volatility lately due to the geopolitical tensions that stem from the Russia-Ukraine war.
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