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.

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