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 a return to 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, an altcoin index that tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins.
According to Pentoshi, OTHERS seems to be forming a local bottom at $250 billion and is now threatening 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 that indicates an asset or index has established a strong demand area and is preparing for an upward burst.
Pentoshi predicts that OTHERS could surge by about 15% if it manages to surpass the resistance at $281 billion.
“Looking better and better, the market has had numerous opportunities to sell off.
Potential lower high at $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 poised for a bounce towards $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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