A company that is changing the way the world mines bitcoin

The Daily Hodl 2025-02-24 01:00:00

Trader Predicts Relief Rally for Altcoin Market, Says One Layer-1 Crypto Looking To Move Further Up

An analyst known for calling the November 2021 crypto bull cycle top believes that the altcoin market is about to witness the return of bullish momentum. Pseudonymous analyst Pentoshi tells his 857,000 followers on the social media platform X that he’s keeping a close watch on the OTHERS chart, an altcoin index that tracks the market cap of all crypto assets excluding Bitcoin ( BTC ), Ethereum ( ETH ) and stablecoins. According to Pentoshi, OTHERS appears to be carving a local bottom at $250 billion and is now threatening to shatter 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 can surge by about 15% if it takes out 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 time of writing, OTHERS is trading for $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 time of writing, INJ is worth $15.26. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Trader Predicts Relief Rally for Altcoin Market, Says One Layer-1 Crypto Looking To Move Further Up appeared first on The Daily Hodl .

Наиболее читаемые новости

Why is Solana (SOL) price down today?
2025-02-24
Market Insights: XRP Stays Stuck as Resistanc...
2025-02-24
Solana Price Analysis: Can PumpFun Prevent SO...
2025-02-24
JefeDAO Accuses OX Fun of Scam, Exchange Deni...
2025-02-24
Malaysian Prime Minister Discusses Crypto Fra...
2025-02-24
Attention These Altcoin Investors! Options Wh...
2025-02-24
$1,000 in XRP, DOGE, SHIB a year ago: Which o...
2025-02-24
SOL nosedives below $160 as FTX Solana unlock...
2025-02-24

Связанные новости

Прочтите Отказ от ответственности : Весь контент, представленный на нашем сайте, гиперссылки, связанные приложения, форумы, блоги, учетные записи социальных сетей и другие платформы («Сайт») предназначен только для вашей общей информации, приобретенной у сторонних источников. Мы не предоставляем никаких гарантий в отношении нашего контента, включая, но не ограничиваясь, точность и обновление. Никакая часть содержания, которое мы предоставляем, представляет собой финансовый совет, юридическую консультацию или любую другую форму совета, предназначенную для вашей конкретной опоры для любых целей. Любое использование или доверие к нашему контенту осуществляется исключительно на свой страх и риск. Вы должны провести собственное исследование, просмотреть, проанализировать и проверить наш контент, прежде чем полагаться на них. Торговля - очень рискованная деятельность, которая может привести к серьезным потерям, поэтому проконсультируйтесь с вашим финансовым консультантом, прежде чем принимать какие-либо решения. Никакое содержание на нашем Сайте не предназначено для запроса или предложения