Crypto strategist Pentoshi is renowned for accurately predicting the peak of the 2021 crypto cycle. In recent statements through social media, he indicated a potential bottom formation in the altcoin market. According to Pentoshi, the market seems unaffected by negative economic news, which may signal the first signs of recovery.
Negative News No Longer Influencing Prices
Pentoshi’s analysis shows that many cryptocurrencies are trading at long-term support levels. Previously, negative economic developments had a noticeable impact on prices, but this effect appears to have waned.
The strategist noted that negative news is no longer dictating price movements, which could be a sign of relief. He suggests that assets maintaining their positions at long-term support levels might enter a recovery trend, which is considered promising for traders.
Altcoins Entering Average Reversal Movements
Among the highlighted assets in Pentoshi’s altcoin analysis is PENGU. Associated with NFT projects, the PENGU token trades at $0.01, with predictions of it possibly rising to $0.01658. The strategist emphasized that this asset has begun an average reversal movement and may reach specific resistance levels.
IOTA is another altcoin catching Pentoshi’s attention. He noted that a movement toward the $0.27-$0.28 range could commence, with these levels historically providing strong support. He pointed out that high time-frame support levels are being retested on the charts.
Observing qualified invalidations on the charts strengthens recovery signals. During this process, investors closely tracking support levels are advised to adopt cautious and strategic approaches. There are strong indicators suggesting the market may begin to recover again.
While Pentoshi believes the market could exhibit further recovery tendencies, he stresses the importance of investors focusing on technical analyses and support levels. Movements observed at bottom levels indicate the potential for the market to initiate a new upward wave.
