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

Analyst Pentoshi, who accurately predicted the November 2021 crypto bull cycle top, believes that the altcoin market is gearing up for a return of bullish momentum.

Pentoshi, a pseudonymous analyst with a large following on X, is closely monitoring the OTHERS chart, an altcoin index that excludes Bitcoin (BTC), Ethereum (ETH), and stablecoins.

According to Pentoshi, OTHERS seems to be forming a local bottom around $250 billion and is now eyeing a breakthrough of 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.”

A double-bottom pattern signals a bullish reversal, indicating a strong demand area and setting the stage for an upward surge.

Pentoshi predicts that OTHERS could rally by approximately 15% if it surpasses the $281 billion resistance level.

“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.”

At the time of writing, OTHERS is valued at $271.63 billion.

One particular altcoin that Pentoshi is monitoring is Injective (INJ), the native asset of the layer-1 protocol. The analyst notes that INJ is holding its high time frame support at $14 and is aiming for a bounce towards $17.58.

“Still looking good, hit $16 already, now looking for a move further up.”