Crypto analyst Pentoshi suggests that the altcoin market may be experiencing a new wave of growth. Pentoshi closely monitors the OTHERS index, which measures the performance of altcoins excluding Bitcoin (95,753) and Ethereum (2,728). The index recently formed a dip around the $250 billion mark, and if it surpasses the $281 billion resistance level, further upward momentum is expected.
The OTHERS index plays a crucial role in determining the overall trend of the cryptocurrency market. It has found strong support at the $250 billion level, which establishes a critical base and strengthens the possibility of a double bottom formation. If the index breaks through the $281 billion resistance level, an acceleration in market movement is anticipated. Pentoshi also suggests that the market may reach a low peak at the $320 billion level.
Pentoshi highlights the altcoin Injective (INJ), which is currently holding near its long-term support level of $14. He predicts that it may rise to $17.58, driven by this support. Currently, INJ is trading at $15.26, and surpassing the psychological threshold of $16 could trigger stronger market movements. Technical indicators suggest that INJ may maintain its upward momentum.
Overall, Pentoshi sees a positive outlook for the altcoin market. It is crucial to maintain critical levels in the market, particularly the key support at $250 billion and the resistance at $320 billion, as they play a pivotal role in determining market movements.
