Cryptocurrency analyst Justin Bennett believes, that December could be a month of rallying in the cryptocurrency market, and Ethereum (ETH) and Dogecoin (DOGE) potentially lead it
According to him, dollar index (DXY), which compares the dollar with a basket of other fiat currencies, gives a bullish signal for the crypto market. Weaker DXY indicates higher prices for many assets. Bennett counts, that DXY may encounter a downward momentum:
"DXY looks good for the start of the cryptocurrency rally, due to start in December. Friday's close inside the channel indicates weakness of the index"
Besides, Bennett uses schedule total market capitalization of cryptocurrencies (TOTAL). According to him, TOTAL is nearing the end of a large bullish downward wedge. He also noted the discrepancy between the growing relative strength index. (RSI) and downward exchange rate movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal..
Regarding Ethereum, the analyst believes, that December should be successful for the asset. In his opinion, ETH can grow rapidly if trading volumes increase:
"ETH is approaching the breakthrough level. We need to increase trading volumes.
Bennett is also optimistic about the Meme coin Dogecoin (DOGE). According to his assumption, DOGE is in the middle of a breakout and the first key resistance awaits at the level $0,25. DogE's final resistance level is at an all-time high $0,75.
