Trader Anticipates Relief Rally in the Altcoin Market, Identifies One Layer-1 Cryptocurrency Poised for Further Growth
An analyst known for predicting the peak of the crypto bull cycle in November 2021 believes that the altcoin market is on the verge of experiencing a resurgence in bullish momentum.
The pseudonymous analyst Pentoshi informs his 857,000 followers on the social media platform X that he is closely monitoring the OTHERS chart, which is an altcoin index tracking the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins.
According to Pentoshi, OTHERS appears to be establishing a local bottom at $250 billion and is now poised to break through its immediate resistance at $281 billion.
“Alts potential low time frame double bottom forming from $250 billion.
Still think we played this very well overall, and looking for it to go back toward $281 billion once again. Reclaim that and we get a nice move up for some actual relief.”
Source: Pentoshi/X
A double-bottom pattern is a bullish reversal structure indicating that an asset or index has formed a solid demand area and is setting the stage for an upside burst. Pentoshi predicts that OTHERS could surge by about 15% if it breaks through the resistance at $281 billion.
“Looking better and better, the market has had numerous opportunities to sell off.
Potential lower high at the $320 billion range. Again, that area is likely the most important to watch, as well as $250 billion for the next major trend in my opinion.”
Source: Pentoshi/X
At the time of writing, OTHERS is trading at $271.63 billion.
One altcoin on the trader’s radar is the native asset of the layer-1 protocol Injective (INJ). According to the analyst, INJ appears to be respecting its high time frame support at $14 and is looking for a bounce toward $17.58.
“Still looking good, hit $16 already, now looking for a move further up.”
Source: Pentoshi/X
At the time of writing, INJ is valued at $15.26.
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