Crypto analyst Pentoshi suggests that the altcoin market may be entering a new phase of growth. Pentoshi closely monitors the OTHERS index, which measures the performance of altcoins excluding Bitcoin and Ethereum. The 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 is an important indicator for the overall trend of the cryptocurrency market and has found strong support at the $250 billion level. Pentoshi believes that this level establishes a critical base and increases the possibility of a double bottom formation. If the index breaks through the resistance level of $281 billion, it is expected that market movement will accelerate.
Pentoshi also draws attention to the altcoin Injective (INJ). INJ has been trading near its long-term support level of $14, and Pentoshi anticipates a rise to $17.58 with the support of this level. Currently, INJ is trading at $15.26, and if it surpasses the psychological threshold of $16, it could trigger stronger market movements. Technical indicators suggest that INJ may maintain its upward momentum.
Overall, Pentoshi indicates a growing positivity in the 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.