September turned out to be quite neutral for the cryptocurrency market: neither Bitcoin (BTC) nor most altcoins showed impressive price dynamics.
However, October could become more positive, at least for a number of altcoins that are showing bullish formations on their charts.
The editors of BeInCrypto analyzed 3 tokens that could reach historical highs in October.
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A resistance break could take Injective (INJ) to a new all-time high
The price of INJ has increased significantly since the beginning of the year. The upward movement led to a breakout of the diagonal resistance line that had previously existed since the all-time high. After this, the altcoin rate soared to a new annual peak of $9.97.
Since then, Injective has consolidated inside a symmetrical triangle, which is considered a neutral figure. However, since the triangle is formed after an upward movement, its breakthrough is the most likely scenario for further developments.
The wave chart supports continued growth. If the calculation is correct, then the price of INJ is approaching the end of the fourth wave, after which the fifth and final increase should be expected. By predicting the length of the fifth wave using Fibonacci retracement levels, we can see that Injective could demonstrate an impressive rise to a new all-time high of $25.
Source: TradingView
This bullish forecast will be refuted by a break of the triangle support line at $6.50. In this case, the price of INJ could fall by 40% to $4.25.
Wave calculation paints a positive scenario for OKB
As with Injective, OKB is trading inside a symmetrical triangle, which is likely the fourth wave of a five-wave upward movement. The price is quickly approaching the completion of the pattern.
Source: TradingView
If OKB breaks out of the triangle, the next target will be at $72. A breakout of the bottom of the pattern, meanwhile, could lead to a 50% drop to $21.
Toncoin (TON) continues to rally
Since the beginning of the year, the TON price has been below the descending resistance line. This caused the price to hit a low of $0.96 on June 11, form a very long lower wick, and have continued to rise ever since. In September, the asset renewed its local peak at $2.60.
If the rise continues, Toncoin could reach $4.08, which coincides with the 1.61 Fibonacci level. This is 85% higher than the current price and slightly below the all-time high of $4.90.
Source: TradingView
If the rally loses momentum, the TON rate will fall to the descending resistance line at $1.60.
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2023-10-01 13:42:00
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