Analysis

KOL Pentoshi predicts a rally for ETH and LUNA

Strategist Pentoshi says the crypto market is showing early signs of recovery while forecasting a surge in Ethereum (ETH) and its rival Terra (LUNA).

The analyst says that the ongoing rally on the Bitcoin (BTC) dominance chart is a positive development for the digital asset market.

“The first sign is that the market is healthy because it helps eliminate weak projects. Don’t just look at the tweets, consider the date, time, interactions, and what happened. ”

The source: Pentoshi/Twitter

The Bitcoin Dominance Index measures BTC’s total market cap relative to the rest of the crypto market. Bitcoin’s strong dominance shows that BTC is growing faster than altcoins or other crypto assets that are depreciating faster than BTC.

According to Pentoshi, altcoins are likely to depreciate faster than BTC in the coming months, indicating a shift from excessive speculation to value investing.

“I know a lot of people who don’t believe in BTC.D. Every time it hits the “Sell and Withdraw Line” it affects 100% of the time. See notes on diagram. The market discards the worst projects like a moulting snake to enter a new stage of development.”

At the time of writing, bitcoin dominance is 42.1%, up from the 2022 low of 39.15%.

Looking to Ethereum, Pentoshi predicts a rally for the second largest cryptocurrency before resuming its downtrend.

«ETH is also growing positively for the first time in two months. There will be a relief rally to $2,700 and possibly $2,900.

The source: Pentoshi/Twitter

Regarding Terra, the analyst says that the DeFi payments network will also rise before falling.

“Bid below the green border and sell when it hits the red area. No problem buying some fear… In my opinion, the risk/reward trade-off is more favorable for a short-term recovery but more painful thereafter.”

The source: Pentoshi/Twitter

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

1 minute ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

6 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

14 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

This website uses cookies.