A crypto analyst, known for accurately predicting the November 2021 market peak, is forecasting a bullish turnaround for altcoins.
Altcoin Index Shows Promising Signs
Pentoshi, a popular analyst with over 850,000 followers on X (formerly Twitter), is focusing on the “OTHERS” chart. This index tracks the total market cap of all cryptocurrencies except Bitcoin, Ethereum, and stablecoins. Pentoshi sees a potential double bottom forming around $250 billion, suggesting a strong support level. He believes a break above the $281 billion resistance level could trigger a significant rally, potentially a 15% increase. He also highlighted the $320 billion level as another key area to watch. Currently, OTHERS is trading around $271.63 billion.
Injective (INJ) Also on the Radar
Pentoshi is also bullish on Injective (INJ), the native token of the Injective layer-1 protocol. He points to strong support around $14 and anticipates a price increase towards $17.58. INJ is currently trading at $15.26.
