The crypto market looks great today with the most important coins trading in the green. At the moment of writing this article BTC is also trading in the green and the king coin is priced at $44,407.
Bullish crypto indicators
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 is showing a chart depicting the relative market dominance of USDT.
Bennett said that 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 said that his bullish beliefs are backed by 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 the online publication the Daily Hodl notes, regarding 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.”
VeChain price prediction
Bennett is also exploring 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.”
Not too long ago, he also addressed 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.”
Stay tuned for more news.