Cryptocurrency strategist Pentoshi, known for making accurate predictions during the market peak in 2021, recently hinted at a potential recovery in the altcoin sector. His latest social media insights suggest that the market is forming a bottom, showing resilience to recent negative economic news that typically impacts price movements.
Why does the price ignore negative news?
Pentoshi indicates that many cryptocurrencies are currently trading at significant long-term support levels. Unlike previous adverse economic events that severely impacted market prices, this influence seems to be waning, which may suggest the market is shifting towards stability.
Which altcoins are showing signs of reversal?
Pentoshi notes that the trading price of the NFT-related token PENGU is $0.01, which may rise to $0.01658 as it begins to reverse towards specific resistance levels. Additionally, he mentioned IOTA, whose price may approach the $0.27-$0.28 range, a zone that has historically provided strong support. This indicates that both assets have entered a potential growth phase.
Pentoshi sees many cryptocurrencies stabilizing at long-term support levels.
Negative economic news seems to have a minor impact on market prices.
PENGU and IOTA are viewed as potential recovery candidates.
Encouraging traders to adopt a strategy focused on technical analysis.
There are signs that the market may be preparing for a rebound, with key support levels indicating the beginning of a new upward trend. As recovery signals become more apparent, traders are advised to remain vigilant and adopt strategic approaches.
