August was characterized by a crypto market in descent, a scenario that left its mark both in Bitcoin (BTC) as in numerous altcoinswhich registered marked falls from their maximum levels reached last July. This Monday, September 4, the BTC struggles to exceed $26,000 by trading on $25,874.53.
Despite the prevailing bearish trend in the crypto market, there are signs of promising formations in some altcoins suggesting upside potential. In this contextBeInCrypto carried out a study of the main cryptocurrencies by September, identifying those that could reach new all-time highs.
OKB: the price for the token
The price of the token OK B is experiencing a notable increase since June 2021, showing similarities with an upward movement pattern made up of five waves (labeled in white). According to this analysis, is currently in the fourth wave of said pattern.
Technical analysts rely on Elliott Wave theory to determine trend direction, examining long-term recurring price patterns and investor psychology.
The fourth wave has developed in the form of a symmetrical triangle, a typical pattern in this phase of the wave cycle. This supports the interpretation of the waves and suggests that it is likely that a break of the triangle occurs at some point.
In case OKB breaks higher, The next resistance is anticipated to be at $72.10, which would represent a new all-time high for this asset. The target of this move is the 1.61% Fibonacci extension of the fourth wave.
However, it is important to note that if the price of OKB breaks down the triangle and the support level at $42, this could indicate that the downtrend persists. In this scenario, the price could experience a 25% decrease, approaching the next support level, which is around US$30.
Ocean Protocol shows signs of rupture
OCEAN price has experienced a significant dropbreaking below a resistance line downward after reaching its all-time high of $1.94 in April 2021.
This downtrend has persisted over an extended period of 829 days, during which the price has made six unsuccessful attempts to break out of this trend line (marked in red). Since trend lines tend to weaken with each breakout attempt, there is an increasing probability that this trend line will eventually be broken.
Additionally, since the beginning of February, the price has been trading inside a descending parallel channel (marked in white). This pattern is often associated with corrective moves. Therefore, the most likely price scenario is an eventual breakout of this channel, supported by multiple attempts to break through long-term resistance.
bitcoin cash
As to bitcoin cash (BCH), this asset reversed its upward corrective pattern. The price of BCH It started an upward movement in November 2022, and after setting a higher low in June 2023, it accelerated its rate of increase, reaching a new yearly high of US$329.
The entire bullish movement seems to correspond to a five-wave pattern. In case this interpretation is correct, the BCH price would have completed the fourth wave, bouncing off the 0.618 Fibonacci retracement support level on Aug 17 (marked in green). This bounce also validated the support line of a descending parallel channel.
If the fifth wave materializes, BCH price is expected to break the descending channel and reach a maximum close to US$400. Although this would not constitute a new all-time high, would represent an increase of 90% with respect to the current price.
Toncoin (TON) could skyrocket
The value of TON shows a decline below a descending resistance line since December 2022. The April 2023 rejection (indicated in red) triggered a sharp decline that brought the price to a low of $0.96 on June 11.
However, since that point, the price has shown an upward trend. After a brief initial detour, TON managed to recover the horizontal level of 1.35 dollarss, validating it as support.
At the moment, TON is in the process of trying to break the descending resistance line. If it manages to do this successfully, the price is likely to head towards the next horizontal resistance located at $2.60. This would represent an increase of 50% in relation to the current price.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
