Pentoshi, a crypto analyst known for accurately predicting the peak of Bitcoin‘s bull market in 2021, has turned his attention to the Ethereum scaling solution Arbitrum (ARB), where he expects a rise. He also foresees a continued uptrend for the recent popular altcoins, Injective (INJ) and Optimism (OP).
Discussing ARB, Pentoshi believes that if it surpasses the $1.70 resistance level, a significant breakout is likely. He suggests that surpassing this threshold is crucial to spark real excitement, and sees a high chance of it trading above this level in the short term.
Currently, according to CoinMarketCap, ARB has experienced a 3.99% decline in the last 24 hours, trading below the critical threshold at $1.38, as indicated by Pentoshi.
Pentoshi is also closely monitoring INJ, the native token of Injective, a decentralized exchange aiming to offer various financial products including spot and futures trading. He notes that INJ, which has one of the most impressive charts in the market and is currently in price discovery, faces no resistance that could halt its upward trajectory.
The analyst further highlights another Layer 2 altcoin, Optimism’s OP, which has broken its all-time high of $3.29. With no known resistance ahead, Pentoshi suggests that it is an excellent time to buy, anticipating a consolidation period followed by a likely continuation of the uptrend.
Recent data shows that INJ has fallen by 8.08% in the last 24 hours, trading at $40.44, while OP has seen a 4.75% decrease, trading at $3.56 in the same time frame.