July turned out to be not very successful for the cryptocurrency market and especially for bitcoin (BTC) — by the end of the month, the main cryptocurrency was still unable to get close to the $30,000 mark again.
However, August could turn more positive – at least for altcoins – as the Bitcoin Dominance Index (BTCD) has stalled and is poised to start a downward move.
The BeInCrypto editors analyzed four tokens that can update their historical highs in August.
The latest events from the world of cryptocurrencies, analytics and forecasts – all the most interesting in our news Telegram channels. Subscribe so you don’t miss anything important.
Wave Calculation May Bring OKB (OKB) to New Peak
Since June 2022, OKB has experienced a meteoric rise resembling a five-wave upward movement. If so, the asset is currently in its fourth wave. This hypothesis is confirmed by the presence of a symmetrical triangle on the chart, as well as the shape of the third wave.
If this interpretation is correct, OKB price will break out of the triangle and head towards the next resistance level at $72.10, setting a new all-time high.
Source: TradingView
To find the target, we used the 1.61 Fibonacci extension on the fourth wave. This method shows good results when the price is close to the historical maximum, that is, there is no horizontal resistance above it.
However, if the OKB breaks the limits of the triangle down, the bullish forecast will become invalid. In this case, the price of the asset may drop to $34.3.
Maker (MKR) fixes above $1,000
In July, MKR experienced two important bullish events at once: the price of the asset broke above the 790-day descending resistance line and overcame the horizontal resistance zone at $1,000.
Source: TradingView
The next important resistance level for Maker is $2100. This means an increase of 70% compared to the current figures. If the all-time high is 410% higher, making it difficult to break, the $2,100 area looks much more achievable.
Despite a positive price outlook for MKR, a close below $1,000 would break the bullish structure and fall to the nearest support at $750.
TomoChain (TOMO) Shows Steady Bullish Signs
TOMO price is also showing clear bullish signs. The main reason for this is the 450% upward movement since the beginning of the year.
During this growth, the asset price returned to the $0.95 resistance area. This is a very= important level as it is the last horizontal resistance before the all-time high of $3.90.
Source: TradingView
The wave chart suggests that TOMO is in its fifth and final wave of growth. If the calculation is correct, then the continued rebound to the $0.95 area (on the graph it is marked with a green icon) signifies the end of the fourth and the beginning of the fifth wave. An upward move to the all-time high area would mean a 160% increase from the current price.
However, a close below the $0.95 area would indicate that the trend has turned bearish. If this happens, a correction will bring TomoChain to the $0.70 support level.
Ocean Protocol (OCEAN) may break above long-term resistance
OCEAN has been below a descending resistance line since reaching an all-time high of $1.94 in April 2023. This line has been in existence for 829 days and so far the asset has made six failed breakout attempts. (they are marked with red icons on the graph). Since resistance becomes weaker with each touch, it is only a matter of time before it breaks through.
Source: TradingView
In addition, since the beginning of February, the price has been trading inside a descending parallel channel. This pattern is considered corrective, so a break out of it looks like the most likely scenario for further developments. It is also consistent with multiple breakout attempts weakening long-term resistance.
However, since the all-time high is more than 460% away from the current price, it will not be easy to reach it. A more reasonable target for a bullish breakout would be the $1 resistance area.
Read also: Top successful altcoins in June
Disclaimer
All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.
2023-07-30 12:56:00
#cryptocurrencies #hit #alltime #highs #August
