September was a relatively neutral month for the cryptocurrency market. This was noticeable in the case of both Bitcoin (BTC) and various altcoins.
However, October is shaping up to be a more positive month for these altcoins, which have bullish-looking formations. With that said, BeInCrypto looks at the top altcoins for October that could hit new all-time highs.
Injective (INJ) Price Breakout Can Lead to All-Time High
The price of INJ has been steadily increasing this year. It recently broke out from a descending resistance trendline and reached a new yearly high of $9.97 in April. Currently, INJ is consolidating within a symmetrical triangle pattern, which is considered neutral. However, given the previous upward movement, an eventual breakout from this pattern is likely.
The Elliott Wave count supports the continuation of the price increase. This theory involves studying long-term price patterns and investor psychology to determine trends. According to Fibonacci retracement levels theory, projecting the length of waves one and three suggests that INJ could reach a new all-time high of $25, an increase of 250% from the current price.
If the price breaks below the triangle’s support line at $6.50, this bullish prediction would be invalidated, and INJ could fall by 40% to $4.25.
OKB Price Wave Count Also Leads to New Highs
Similar to INJ, OKB’s price movement follows a wave count pattern. It is currently trading within a symmetrical triangle as part of a five-wave upward movement. As the pattern nears its end, a decisive movement is expected. Given the wave count and the fact that the triangle follows an upward movement, a breakout is the most likely scenario.
If this breakout occurs, the next target for OKB would be $72, which is 67% above the current price. This target is projected by measuring the triangle’s length and applying Fibonacci retracement levels. However, if the price breaks below the triangle, it could fall by 50% to $21.
Toncoin (TON) Breakout Catalyzes Rally
TON’s price has been below a descending resistance trendline for most of the year until it recently broke out and reached a high of $2.60 in September. If the rally continues, TON could reach a target of $4.08, which is 85% above the current price and slightly below its all-time high.
On the other hand, if the rally loses momentum, TON could decrease by 27.50% and reach the descending resistance line at $1.60.
Hot Take: Altcoins Poised for All-Time Highs in October
October is looking promising for altcoins as they show bullish formations and potential for new all-time highs. INJ’s breakout from a descending resistance trendline and its consolidation within a symmetrical triangle indicate a likely future increase. OKB’s wave count pattern within a symmetrical triangle also suggests a breakout and potential for new highs. TON’s recent breakout from a descending resistance trendline paves the way for a rally towards its all-time high. However, it’s important to monitor these altcoins closely as any breakdown from their respective patterns could invalidate these bullish predictions.
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