. In comparison, the United States dollar, which is perceived to be a safe haven, rallied nearly 9%, its best year since 2015.
Could the U.S. dollar index continue its correction and will that benefit risky assets? Let’s study the charts to find out.The bears tried to extend the correction last week but the bulls managed to defend the 3,764 level. This indicates that the bulls are trying to form a higher low in the S&P 500 index.The 20-day exponential moving average is sloping down and the relative strength index is near 45, suggesting that bears have a slight edge.
On the contrary, if the price turns down from the 20-day EMA and plummets below 3,764, the selling could intensify and the index may slide to 3,650.Buyers tried to propel the U.S. dollar index above the 20-day EMA on Dec. 28 but the bears held their ground. This indicates that the sentiment has turned negative and traders are selling on relief rallies.The bears yanked the price below the immediate support of 103.44 on Dec. 30, indicating the resumption of the downtrend.
There are several green shoots visible for the cryptocurrency sector for 2023. The U.S. Dollar Index, which usually moves in inverse correlation with Bitcoin, may have topped out. This increases the likelihood that select cryptocurrencies may be close to forming a bottom.
MATIC doesnt even need a 'recovery' as it wasnt hit as bad as most alts in the market and it's still holding up stronger than most. Absolutely not worried at all about MATIC.
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Oh crypto digital news (lol) media says that crypto will go up - yeah ok.
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