June turned out to be successful for the cryptocurrency market and especially for bitcoin, which this month updated its annual maximum. In July, altcoins may differ.
Bitcoin dominance is still growing, but if the price enters a consolidation phase, altcoins could realize their bullish potential.
The editors of BeInCrypto analyzed three tokens that can update their historical highs in July.
Stacks (STX) ready to grow
The STX rate has risen noticeably since the beginning of the year. The upward movement looks like a completed five-wave structure (black), which means that the STX price has started a new reversal of the bullish trend.
After hitting a yearly high at $1.31, the STX has been declining for 82 days and bottomed at the $0.44 area on June 10 on June 10. Immediately after that, a bounce began, returning the STX to the area above $0.55 and canceling the previous breakout.
Such straits and returns often lead to pronounced upward movements.
Thus, the price of STX is supposedly a new five-wave upside phase that could take it to its all-time high of $3.
STX/USDT daily chart. Source: TradingView
If the STX price fails to rise above the 0.5 Fibonacci retracement level at $0.87, it will fall again towards $0.55.
Bullish Spread Will Take Injective (INJ) to New Heights
INJ has risen in price significantly since the beginning of the year. This upward movement can be compared to a five-wave pattern (black) with the price of the altcoin in the third wave.
Technical analysts use Elliott Wave Theory to identify recurring long-term price patterns that help determine the direction of a trend.
Subwaves highlighted in white show that INJ has just started its fifth and final subwave.
If the calculation is correct, then the price of INJ will complete its third wave near the $14 level, which acts as a horizontal resistance. Although this level is below the previous high, it is the only one separating the coin from the new record.
Therefore, having overcome the resistance at $14, it will form a new peak. This area will coincide with the completion of the fifth wave.
Daily INJ/USDT chart. Source: TradingView
If the price falls below the top of the first sub-wave (indicated by the red line) at $4.58, the optimistic forecast for INJ will have to be abandoned.
In such a scenario, the bearish forecast is activated and the price may drop to $3.0.
Will Aptos (APT) start the road to recovery
For the past 154 days, the price of Aptos (APT) has been holding below a descending resistance line. Thus, the trend is considered bearish until the price breaks this mark. Moreover, the price of APT fell below the $8 horizontal area, which previously served as its support.
At this stage, the price action looks bearish, however, APT is making attempts to break the descending trendline, which is in close proximity to the former $8 support area. Thus, after breaking the trend line, APT is likely to be able to recover above $8.
In this case, the only resistance before the altcoin’s all-time high will be $13.50.
APT/USDT daily chart. Source: TradingView
However, if a breakout does not occur, APT could pull back to $4.0.
Read also: Top successful altcoins in June
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2023-07-01 07:34:00
#cryptocurrencies #July #update #alltime #highs
