Analyst Justin Bennett says Dogecoin (DOGE) could be ready to hit the next key level, about 37% above current price.

According to him, DOGE is trying to break out of the sustained descending line of resistance it has faced since May.

“DOGE looks ready (as long as BTC cooperates). Close just above $ 0.27 with next stop at $ 0.34 +. “

The source: Justin Bennett / Twitter

In the short term, DOGE will need to convert $ 0.26 into support and close above $ 0.27 before it can move further up to its original target of $ 0.34. At the time of writing, Dogecoin is trading at $ 0.26.

Turning to Bitcoin, the analyst said its ability to hold $ 60,000 is an important demonstration of strength that is having a big impact on the broader markets.

“While BTC’s weekly candle might not be pretty, it still holds over $ 60,000.

This is what i’m looking for. That doesn’t mean we can’t see any more pullbacks before further gains, but it does mean that it is holding $ 60,000 as support on a weekly close.

It’s huge. “

The source: Justin Bennett

Bennett also keeps an eye on Bitcoin’s dominance rate and compares BTC’s market cap to the rest of the crypto markets. He said it bounced off support and is now on the upswing.

“BTC.D rises from 44.5% support. What a surprise”.

The source: Justin Bennett / Twitter

While Bitcoin’s increasing dominance often suggests that altcoins are underperforming, Bennett says this may only be the case for the short term. When the crypto king is healthy, altcoins can use this as a signal to level up.

“That’s not necessarily bad for altcoins. Will they be affected if BTC.D rebounds? In the short term and compared to BTC, yes. But Bitcoin’s current strength will be extremely bullish on altcoins for the next several months. Fiat -> Bitcoin -> Altcoins. “

Analyst Nicholas Merten shares the same view, saying that if Bitcoin continues to trade above $ 60,000, altcoins could rebound.

In one Video In a new analysis, Merten says many traders expected BTC to grab attention if it broke its all-time high after the launch of its exchange-traded fund (ETF) ProShares.

However, the analyst said the altcoin market generated an unexpected surge that he believes could be a significant sign of strength. Given the dominance of altcoins and comparing the market share of altcoins with that of bitcoin, Merten said the index crossed a key support line near 52%.

Source: Nicholas Merten

The analyst believes the decentralized financial (DeFi) sector of the cryptocurrency market could offer promising returns over the next few months.

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Annie

Bitcoin magazine

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