Cryptocurrency analyst and trader Justin Bennett have said slightly higher US unemployment rate for US Dollar Index (DXY) and should be bearish bullish for the crypto market.

During a recent interaction on Twitter, he said so Dogecoins DOGE/USD Performance shows bullish signs.

“If DOGE can retake that territory, we’ll probably see the next leg begin,” he said.

Discussing Dogecoin’s interpretation, he pointed to a bullish continuation pattern but said assumptions could be dangerous.

Here’s the one thing I’m going to say about $DOGE…

I would feel much better about this as a bullish continuation pattern if we didn’t have that swing high on October 29th.

I’m not saying it’s bearish. It’s just not a bullish A+ pattern.

Assumptions can be dangerous. pic.twitter.com/OBQylOA6xM

— Justin Bennett (@JustinBennettFX) November 3, 2022

On Friday, Dogecoin slipped about 10% after news from the Twitter owner hot on its heels Elon Musk has reportedly stopped work on the social network’s crypto wallet.

Also read: Elon Musk does it again! Endorses Dogecoin and says he will keep buying the meme coin

Earlier this week, following Musk’s closing of the Twitter deal, the meme coin’s value surged 150%, its highest since April.

The Dogecoin market turned bullish, and Musk discussed the possibility of using DOGE as a payment method.

Bennett went on to explain how DXY levels would affect crypto assets and how Bitcoin BTC/USD and ether ETH/USD.

“I cannot stress enough how significant 109.30 will be for the DXY next week. Confluence is massive, trendline 2022, descending channel support and key monthly level. A close below = prolonged crypto rally. Aggressively bouncing = crypto pullback,” he tweeted.

A significant decrease compared to the $DXY after higher than forecast unemployment.

A daily close below 111.80 would be bearish for next week (bullish on #crypto).

Just take a look. pic.twitter.com/GifLKkEhZ4

— Justin Bennett (@JustinBennettFX) November 4, 2022

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