Injective (INJ) Approaches All-Time High
The price of INJ has been on the rise since the beginning of the year, breaking out from a descending resistance trendline that had been in place since its all-time high. In April, it reached a high of $9.97 before entering a consolidation phase within a symmetrical triangle pattern. However, in October, the price broke out from the pattern and has been increasing significantly since then.
According to the Eliott Wave theory, which analyzes long-term price patterns and investor psychology, INJ appears to be in the fifth and final wave of an upward movement. By measuring the lengths of waves one and three using Fibonacci projections, we can project the length of wave five. This suggests that INJ could reach $25, slightly below its all-time high, marking a 40% increase from the current price. If wave five extends further, the price could increase by 100% and reach the next resistance at $36.50.
OKB Price Wave Count Can Lead to New All-Time High
Similar to INJ, OKB has also broken out from a symmetrical triangle pattern and is likely in the fifth wave of an upward movement. The most likely target for the top of this movement is $72, which is 36% above the current price and just below its all-time high of $58.80. However, if the price falls below the wave four low of $43, it could trigger a nearly 60% increase to the closest support area at $20.
Trust Wallet Token (TWT) Concludes All-Time High Altcoins
TWT broke out from a long-term descending resistance trendline in October but failed to reach a weekly close above the $1.50 resistance area. A weekly close above this level could trigger a 70% increase, taking the price to the all-time high of $2.73. The weekly Relative Strength Index (RSI) supports this increase, as it is above 50 and moving upwards, indicating a bullish trend. However, if the price fails to clear the $1.50 resistance area, it could drop by 40% to the closest support at $0.95.
Hot Take: Altcoins with Bullish Formations Set to Reach New All-Time Highs in November
Several altcoins, including INJ, OKB, and TWT, are showing bullish formations and have the potential to reach new all-time highs in November. These altcoins have broken out from key patterns and are in the fifth wave of their upward movements. The application of Fibonacci projections suggests significant price increases for these altcoins, although a failure to clear certain resistance levels could lead to pullbacks. Traders should closely monitor these altcoins for potential buying opportunities and be aware of key support and resistance levels.
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