Altcoins Flashing Signs of Relief As Several Coins Gear Up for Mean Reversion, According to Crypto Analyst
A crypto strategist known for accurately calling the 2021 digital asset cycle top believes that several altcoins are poised for significant rallies.
The analyst pseudonymously known as Pentoshi tells his 854,200 followers on the social media platform X that the crypto market is not reacting to bad economic news, signaling that a possible bottom is in.
“Now price not reacting to tariffs or negative news anymore while many, not all things, are at high timeframe supports. Not a bad sign for some relief.”
He says several alts appear poised to undergo mean reversion moves after the market correction. In trading, mean reversion is the theory that prices will revert to their averages after an extreme move.
First up, he says PENGU, the utility token for the non-fungible token (NFT) project Pudgy Penguins, may surge to $0.01658 and possibly higher.
“PENGU mean reversion areas (probably will have a lot of resistance at the upper one if we get there to be honest). But the first one should be the first area of interest for now.”
PENGU is trading for $0.01 at time of writing, flat on the day.
Next up, the trader says that automated staking service Lido DAO (LDO) is holding the key level of $1.54 as support and may soon bounce.
“There’s a ton of charts that are essentially just retesting high timeframe supports. Several that look like this, in my opinion very clean invalidations across the board.”
LDO is trading for $1.59, down marginally on the day.
Lastly, he says that IOTA, the native asset for a crypto project focused on the Internet of Things, may increase more than 21% its current value after flipping a key level into support on the daily chart.
“IOTA another chart flipping its high timeframe support. Looking for a move up towards $0.27-$0.28 and a reclaim. These high timeframe historical areas are often great areas to get involved.”
IOTA is trading for $0.23 at time of writing, flat on the day.
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