Polkadot (DOT) and VeChain (VET) Breaking Out As Dollar Loses Strength: Crypto Analyst Justin Bennett

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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