October 31, 2023
An analyst who accurately predicted the top of Bitcoin’s 2021 bull market believes that altcoins are poised for a significant surge. The pseudonymous analyst, known as Pentoshi, has a large following on the social media platform X, where he shares his insights. According to Pentoshi, certain altcoins could experience a substantial rally lasting up to six weeks.
Pentoshi acknowledges that his opinion may be incorrect, but he cites numerous indicators that support his prediction. He plans to provide a detailed explanation in a forthcoming thread.
In terms of specific altcoins, Pentoshi offers his outlook on several. He advises caution when considering decentralized derivatives exchange Injective (INJ), as it is currently near a historically strong resistance level. Pentoshi suggests waiting for a lower price or a clean reclaim above the resistance level before considering a purchase.
At the time of writing, INJ is trading at $12.12.
Pentoshi also mentions Rollbit’s (RLB) native token, which he is monitoring closely. He suggests waiting for the token to reach new highs before considering an investment.
RLB is currently valued at $0.18.
Polygon (MATIC), a layer-2 scaling solution, is another altcoin that Pentoshi discusses. He believes that MATIC is on track to reach the $0.70 range in the near future.
MATIC is currently trading at $0.63.
Lastly, Pentoshi highlights Fetch.AI (FET), an artificial intelligence (AI) altcoin. FET recently broke through a key resistance level and appears to be in an uptrend. Pentoshi expresses interest in acquiring FET at a lower price but has already initiated a small position.
FET is currently trading at $0.29.
In conclusion, Pentoshi's analysis suggests that altcoins are preparing for a significant rally. However, investors should exercise caution and conduct their own research before making any investment decisions.
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