Crypto strategist Pentoshi, known for his accurate forecasts during the 2021 market peak, recently hinted at a potential recovery in the altcoin sector. His latest social media insights suggest that the market is forming a bottom, displaying resilience against recent negative economic news that typically swayed price movements.
Why Are Prices Ignoring Negative News?
According to Pentoshi, numerous cryptocurrencies are currently trading at important long-term support levels. Unlike before, where adverse economic events significantly affected market prices, this influence seems to be diminishing, which may indicate a shift towards stability.
Which Altcoins Show Signs of Reversal?
Pentoshi has pointed out PENGU, an NFT-related token, which trades at $0.01 and may rise to $0.01658 as it begins to reverse toward specific resistance levels. Additionally, he mentions IOTA, which might approach the $0.27-$0.28 range, a zone that historically offers robust support. This suggests that both assets are entering phases of potential growth.
- Pentoshi sees many cryptocurrencies stabilizing at long-term support levels.
- Negative economic news appears to have less impact on market prices.
- PENGU and IOTA are highlighted as potential recovery candidates.
- Strategies focusing on technical analysis are encouraged for traders.
Signs indicate that the market may be gearing up for a rebound, with crucial support levels suggesting the beginning of a new upward trend. Traders are advised to remain vigilant and strategic in their approaches as recovery signals become more pronounced.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/could-the-crypto-market-be-rebounding-soon