{"id":106160,"date":"2025-02-24T01:11:01","date_gmt":"2025-02-24T01:11:01","guid":{"rendered":"https:\/\/peraltafinancing.com\/altcoin\/trader-predicts-relief-rally-for-altcoin-market-says-one-layer-1-crypto-looking-to-move-further-up\/"},"modified":"2025-02-24T01:11:01","modified_gmt":"2025-02-24T01:11:01","slug":"trader-predicts-relief-rally-for-altcoin-market-says-one-layer-1-crypto-looking-to-move-further-up","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=106160","title":{"rendered":"Trader Predicts Relief Rally for Altcoin Market, Says One Layer-1 Crypto Looking To Move Further Up"},"content":{"rendered":"


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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.<\/p>\n

Pseudonymous analyst Pentoshi tells his 857,000 followers on the social media platform X that he\u2019s keeping a close watch on the OTHERS chart, an altcoin index that tracks the market cap of all crypto assets excluding Bitcoin (BTC<\/a>), Ethereum (ETH<\/a>) and stablecoins.<\/p>\n

According to Pentoshi, OTHERS appears to be carving<\/a> a local bottom at $250 billion and is now threatening to shatter its immediate resistance at $281 billion.<\/p>\n

\u201cAlts potential low time frame double bottom forming from $250 billion.<\/em><\/p>\n

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.\u201d\u00a0<\/em><\/p>\n

\"Image\"
Source: Pentoshi\/X<\/figcaption><\/figure>\n

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.<\/p>\n

Pentoshi predicts<\/a> that OTHERS can surge by about 15% if it takes out resistance at $281 billion.<\/p>\n

\u201cLooking better and better, the market has had numerous opportunities to sell off.<\/em><\/p>\n

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.\u201d<\/em><\/p>\n

\"Image\"
Source: Pentoshi\/X<\/figcaption><\/figure>\n

At time of writing, OTHERS is trading for $271.63 billion.<\/p>\n

One altcoin on the trader\u2019s radar is the native asset of the layer-1 protocol Injective (INJ<\/a>). 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.<\/p>\n

\u201cStill looking good, hit $16 already, now looking for a move further up.\u201d<\/em><\/p>\n

\"Image\"
Source: Pentoshi\/X<\/figcaption><\/figure>\n

At time of writing, INJ is worth $15.26.<\/p>\n

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