Altcoin Market About To Explode After Long Consolidation Period, Says Crypto Analyst Justin Bennett

Crypto analyst Justin Bennett predicts altcoin prices will surge after a long, quiet correction period.

Bennett To tell His 109,900 Twitter followers say the overall market capitalization of altcoins is coiling in a long wedge pattern, suggesting an imminent major move.

“This crypto quiet period is coming to an end. The longer the market coils, the more explosive the breakout will be. Get ready.”

Source: Justin Bennett/Twitter

Bennett back up His bullish position suggesting the US Dollar Index (DXY) is on the verge of a crash. DXY pegs the US dollar against a basket of other fiat currencies, and DXY declines traditionally suggest a rise in risky assets like crypto.

According to Bennett, DXY may be in the process of being rejected at the top of a large ascending channel.

“DXY Linear Chart. Not the best time to be bearish on stocks and cryptocurrencies in my opinion.”

Source: Justin Bennett/Twitter

Bennett To tell Ethereum (ethereum), the second largest cryptocurrency in the world, has also broken through resistance near $1,300 in the descending channel.

“ETH support is still pending. We are currently testing channel resistance.”

Source: Justin Bennett/Twitter

Looking at the S&P 500 (SPX), which has been correlating with the cryptocurrency market for the past few years, Bennett believes that if the $3,575 level holds, a rally could ignite and the cryptocurrency could rise as well. said.

Analysts are looking at upcoming consumer price index (CPI) readings to look for potential catalysts for the market’s next move.

“It’s not hard to imagine a rally of relief from here, but many are on Thursday’s CPI.

3,575 is the level to hold. “

sauce: Justin Bennett/Twitter

Don’t miss the beat – apply To get encrypted email alerts delivered directly to your inbox

check price action

Please follow us twitter, Facebook When telegram

surfing The Daily Hodl Mix

Check out the latest news headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Razulation

Generated image: DALLE-2

Leave a Reply

Your email address will not be published. Required fields are marked *