Popular Cryptocurrency Analyst Details Dogecoin’s Potential Rally, Dives Deep Into US Dollar Index (DXY)

A well-known cryptocurrency analyst is examining the US Dollar Index (DXY), an indicator of the strength of the US dollar.

Cryptocurrency analyst Justin Bennett tells His 110,500 Twitter followers say higher-than-expected unemployment rates in the US should be bearish for DXY and bullish for cryptocurrencies.

“A significant drop from DXY following higher-than-expected unemployment.

A daily close below 111.80 would be bearish for next week (bullish for cryptocurrencies).

We see.”

Source: JustinBennettFX / Twitter

Looking at the charts today, Bennett tells to his followers that the DXY hourly chart confirms a “fake”.

“The hourly DXY chart shows a confirmed fakeout at the start of the session.

However, for now, still holding on to 111.80 “.

Source: JustinBennettFX / Twitter

Bennett it goes deeper on how exactly DXY levels will affect crypto assets such as Bitcoin (BTC) and Ethereum (ETH).

“I can’t stress enough how significant 109.30 will be for DXY next week.

The confluence is massive.

2022 trend line, descending channel support and key monthly level.

Close below = cryptocurrency rally extended

Aggressively bouncing = cryptocurrency pullback.

Source: JustinBennettFX / Twitter

Finally, the trader examines the popular memecoin Dogecoin (DOGE) which is recently recovering due to the acquisition of Twitter by Elon Musk.

“If the DOGE can claim this area, we will probably see that the next stage begins.”

Source: JustinBennettFX / Twitter

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