The altcoin market is showing signs of bullish momentum according to a well-known analyst who accurately predicted the November 2021 crypto bull cycle top. Pentoshi, a pseudonymous analyst with a large following on X, is closely monitoring the OTHERS chart, which tracks the market cap of all crypto assets excluding Bitcoin, Ethereum, and stablecoins.
Pentoshi believes that the OTHERS chart is forming a local bottom around $250 billion and is on the verge of breaking through its immediate resistance at $281 billion. The analyst sees a potential double-bottom pattern emerging, indicating a bullish reversal and a possible surge of about 15% if the resistance at $281 billion is breached.
Currently, the OTHERS market cap stands at $271.63 billion, with Pentoshi eyeing a move towards $320 billion as a potential target. The analyst emphasizes the importance of watching the $250 billion and $320 billion levels for the next major trend in the altcoin market.
One specific altcoin that Pentoshi is keeping an eye on is Injective (INJ), the native asset of the layer-1 protocol. INJ is currently trading at $15.26 and appears to be respecting its high time frame support at $14. Pentoshi predicts a bounce towards $17.58 for INJ in the near future.
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In conclusion, the altcoin market is showing signs of a potential bullish reversal, with the OTHERS chart and specific altcoins like INJ attracting the attention of analysts like Pentoshi. Keep an eye on key resistance levels and support areas for potential trading opportunities in the coming days.