Altcoins with Bullish Formations Poised for New All-Time Highs in January
As the cryptocurrency market experiences a bullish December, several altcoins are showing potential for reaching new all-time highs in January. Let’s take a look at some of these promising altcoins.
Arbitrum (ARB) Parabola Can Lead to New High
The price of ARB has been following a parabolic ascending support trend line since October. It recently validated this trend line and started moving upwards. With the $1.30 resistance cleared, the only obstacle left is the $1.75 resistance before reaching the all-time high of $1.82.
According to technical analysis using the Elliott Wave theory, the current price movement suggests that ARB is in its third wave of an upward movement. If this count is correct, the price could reach as high as $2.25, almost 50% above the current price.
Optimism (OP) Retests Previous All-Time High
OP reached its all-time high of $4.18 and then retested the previous all-time high resistance region at $3.10 as support. This retest often indicates a continuation of the upward movement. The RSI reading is above 50, indicating a bullish trend, and if the upward movement continues, OP could reach the top of a long-term ascending parallel channel at $6.20.
GMX Concludes All-Time High Altcoins
GMX broke out from a descending resistance trend line in October and has since increased after reclaiming and validating the $42 level as support. The RSI also supports this bounce as it is now above 50. GMX only faces one more resistance at $58 before reaching its all-time high of $92. If the weekly close is above this area, GMX could see a 70% to 90% increase.
Hot Take: Altcoins Primed for New All-Time Highs in January
These altcoins, including ARB, OP, and GMX, are showing bullish formations and have the potential to reach new all-time highs in January. However, it’s important to closely monitor these coins and watch for any invalidation of the bullish outlook. Keep an eye on key support levels and technical indicators to make informed investment decisions.
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