Crypto analyst Pentoshi suggests that the altcoin market may be entering a new wave of growth. Pentoshi closely monitors the OTHERS index, which measures the performance of altcoins excluding Bitcoin and Ethereum. This index recently experienced a dip around the $250 billion mark, and if it surpasses the resistance level of $281 billion, further upward momentum is expected.
The OTHERS index plays a significant role in determining the overall trend of the cryptocurrency market. It has found strong support at the $250 billion level, which Pentoshi believes establishes a critical base and increases the possibility of a double bottom formation. Breaking through the resistance level of $281 billion is expected to accelerate market movement.
Pentoshi also highlights the altcoin Injective (INJ), which has held near its long-term support level of $14. Pentoshi predicts a 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 indicates 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.
