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Bitcoin analyst Pentoshi, who successfully predicted the peak level of BTC during the 2021 bull market, believes that altcoins are preparing for a strong rally. Furthermore, the analyst interprets the price charts of 4 altcoins from his watchlist and highlights important levels.
According to the Analyst, an Altcoin Rally Will Last 3-6 Weeks
Anonymous crypto analyst Pentoshi stated on his personal account on social media platform X that some altcoins could experience an extended period of upward movement for up to six weeks in the near future. The analyst said the following about his prediction for a potential altcoin rally:
I believe we will experience a mini altcoin season lasting three to six weeks in the near term. However, as always, this is just my opinion and I could be wrong. I am seeing a lot of signs indicating an altcoin rally, and based on these signs, I will create a separate section to support my rally expectations.
Altcoins on Pentoshi’s Watchlist
Meanwhile, Pentoshi shared 4 altcoins from his watchlist and highlighted important levels for each altcoin. The analyst started with decentralized derivatives exchange Injective (INJ) and said, “I wouldn’t buy at current levels. It is very close to a historically strong resistance. I would wait for a clean recovery either from the lower purple box or the upper purple box to make a purchase. The price being stuck between these two zones does not make it suitable for buying.”
The analyst mentioned that he closely follows the local asset of Rollbit, RLB, and emphasized that if it reaches a higher peak, it would confirm the uptrend. He said, “I don’t currently hold any RLB. I will wait for it to break the upper purple box to see if it can reach new highs, so I’m not touching it for now.”
After INJ and RLB, Pentoshi looked at Polygon (MATIC) and believed that the Layer 2 scaling solution was heading towards the $0.70 range. According to the analyst, MATIC has a chance to reach $0.74 in the near term.
Lastly, Pentoshi mentioned that artificial intelligence (AI) altcoin Fetch.AI (FET) has surpassed an important resistance level and appears to be in an uptrend. In his evaluation of FET, the analyst said, “I think FET looks great on all timeframes. It reclaimed a key point that served as resistance, and I would like to buy it from closer points to the white line below, as this would be just the starting point for buying.”
