These three altcoins are forming bullish patterns and could reach new all-time highs in early 2024.
Parabolic move could take Arbitrum (ARB) to a new high
Arbitrum price has been rising along a parabolic ascending support trend line since October. Most recently, on December 18, it confirmed the trend line and began the current upward movement.
At the moment, ARB has broken through the horizontal resistance zone of $1.30. This means that it is only separated from the all-time high of $1.82 by resistance at $1.75.
The most likely wave calculation suggests that the asset is in the third wave of a five-wave upward movement. If correct, the third wave will be 2.61 times longer than the first wave, resulting in a high of $2.25. This is almost 50% higher than the current price.
Source: TradingView
Despite this bullish outlook, a close below the parabolic support line will invalidate the calculation. In this case, the ARB price could fall 30% to the nearest horizontal support level at $1.10.
Optimism (OP) tests the previous peak
Optimism price reached a new all-time high of $4.18 on December 27th. After that, it fell slightly, confirming the previous peak of $3.10 as support. Such retests often lead to a continuation of the upward movement. The relative strength index (RSI) supports this possibility: the indicator has risen above 50 and is growing.
If the upward movement continues, OP may reach the top of the long-term upward parallel channel that has existed since June 2022. The pattern’s resistance line is at $6.20, which is 70% higher than the current price.
Source: TradingView
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However, closing the week below the $3.10 support level will negate the bullish scenario. Then the price of Optimism could fall by 45% to the nearest support at $2.
GMX broke through important resistance
In October, the price of the altcoin GMX consolidated above the descending resistance line that has existed since reaching an all-time high and confirmed the $42 level as support.
At the moment, the asset is separated from the all-time high of $92 by another resistance at $58. If GMX closes the week above this area, it could rise 70% to $90.
Source: TradingView
However, a failure to close above $58 could trigger a retest of the $42 support level, which would mean a 17% drop.
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2023-12-31 10:04:00
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