Renowned for predicting the peak of the 2021 Bitcoin (BTC) bull market, crypto analyst Pentoshi has announced his expectation for a rise in Ethereum scaling solution Arbitrum (ARB). The analyst also anticipates a continued uptrend in the recent trending altcoins Injective (INJ) and Optimism (OP).
Arbitrum’s ARB Token Faces a Critical Threshold at $1.70
The anonymous crypto analyst Pentoshi told his followers on his personal Twitter account that he expects a rise in Arbitrum. According to the analyst, if ARB successfully overcomes the resistance at $1.70, it is likely to make a significant breakout:
I think it needs to break above $1.70 to really excite someone. It has a high chance of trading there in the short term.
According to data from the crypto data and price platform CoinMarketCap, ARB has seen a 3.99% decrease in the last 24 hours, trading below Pentoshi’s indicated threshold at $1.38.
Injective (INJ) and Optimism (OP) Under Close Surveillance
Furthermore, Pentoshi is closely monitoring Injective, a decentralized exchange aiming to offer various financial products including spot trading and futures. The analyst believes that there is no resistance left to halt the altcoin’s price discovery, hence the path is clear:
INJ has one of the craziest charts in the market and is currently in price discovery. So, its path is clear right now. I think if given a chance, below $30 would be a great buying opportunity.
The analyst also highlighted another Layer 2 altcoin, Optimism‘s OP, stating that after breaking its all-time high of $3.29, there is no known resistance ahead, adding:
OP is also about to start its price discovery… Usually, some consolidation during discovery and then a likely continuation of the rise makes it a great time to buy.
Current data shows INJ has fallen 8.08% in the last 24 hours to $40.44, while OP has decreased by 4.75% to $3.56 in the same time frame.
