A crypto strategist who has topped the Bitcoin (BTC) bull market in 2021 believes an Ethereum (ETH) scaling solution that trades under the radar will see a positive breakout.
Pseudonymous crypto strategist Pentoshi tells his 727,200 followers on social media platform X that he is bullish on Arbitrum (ARB).
According to the analyst, ARB is likely to get a shot in the arm if it manages to clear its immediate resistance at $1.70.
“I think it takes more than $1.70 to really get someone excited. Has a great opportunity to trade there in the short term.”
At the time of writing, ARB is trading at $1.38.
The analyst is also keeping an eye on Injective (INJ), a decentralized exchange that aims to offer a variety of financial products, including spot trading and futures. According to Pentoshi, it is clear for INJ, because there is no longer any resistance to stop the price development of the altcoin.
“This is one of the craziest charts in the entire space, and currently in price research. So right now it’s clear skies. I don’t know if you get it, but I think under $30 is a buy if you get the chance.
At the time of writing, INJ is trading at $42.14.
The analyst is also looking at Optimism (OP), another layer 2 altcoin. According to Pentoshi, OP also no longer has any known resistance after breaking its recent all-time high at around $3.29.
“About to start discovering prices… Often around discovery is a good time to buy as it will likely continue after some consolidation.”
At the time of writing, OP is worth $3.42.
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Generated image: Midjourney