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Big Move Incoming for One Low-Cap Altcoin As Bitcoin Positions for a Rally: Top Crypto Analyst

A popular crypto strategist and trader is naming one altcoin that’s poised to surge while predicting that Bitcoin is gearing up for a rally.

Pseudonymous crypto analyst Pentoshi tells his 425,000 Twitter followers that he’s keeping a close watch on XYO Network (XYO), a blockchain that lets users mine tokens while recording datasets that have locational and geographical information tied to their smartphones.

According to the crypto strategist, XYO is threatening to take out a crucial resistance and ignite a potential surge of over 70% from its current price of $0.035.

“XYO on my watchlist.

#3 in volume on Coinbase is a great sign.

Looking for S/R (resistance to support) flip for clean entry.

Volume leads me to believe a bigger move is coming but have to be careful with entries so I’ll pay a little for confirmation.”

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Source: Pentoshi/Twitter

As for Bitcoin (BTC), the crypto strategist says that the leading cryptocurrency has likely printed a local bottom and is now preparing for a bounce.

According to Pentoshi, the current bearish sentiment will force retail traders to jump in on Bitcoin once BTC moves higher.

“BTC update: squiggly line doing its work. Caught some little fish in the net. Life is good.

Plebs selling into absorption.

Imagine not being bearish from $60,000 down until here and then flipping [bearish] at areas of demand. Liquidity stops price from moving. Price has met it. When plebs realized they flipped short, they will become buyers as price forces them to act.”

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Source: Pentoshi/Twitter

Pentoshi adds that BTC’s false break below support at $46,000 puts the king crypto in a position to liquidate shorts and drive prices to around $53,000.

“Thick bids with low effort/conviction from sell-side = sell-side offside.

Breakdown + reclaim what we need to get back to grab that liquidity above.

BTC set up for that here to squeeze.”

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Featured Image: Shutterstock/Vectorpocket/Natalia Siiatovskaia

The post Big Move Incoming for One Low-Cap Altcoin As Bitcoin Positions for a Rally: Top Crypto Analyst appeared first on The Daily Hodl.

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