These altcoins have bullish-looking formations and could reach new all-time highs in November.
October was a decisively bullish month for the cryptocurrency market. BeInCrypto looks at the top altcoins for November that could hit new all-time highs.
Injective (INJ) Approaches All-Time High
The price of INJ has experienced a notable increase since the start of the year. This upward movement resulted in a breakout from a descending resistance trendline, which had been in place since its all-time high.
Following the breakout, the altcoin achieved a high of $9.97 in April. Subsequently, it entered a consolidation phase within a symmetrical triangle pattern.
The price broke out from the pattern in October and has increased massively since.
Moreover, the Eliott Wave theory, which involves analyzing recurring long-term price patterns and investor psychology, supports the idea of a continued price rise.
According to this theory, the INJ price appears to be in the fifth and final wave of an upward movement.
By measuring the lengths of waves one and three, we can project the length of wave five using Fibonacci projections. The Fibonacci retracement levels theory suggests that after a significant price move in one direction, the price is expected to partially retrace to a previous price level before resuming the same direction.
This theory can also help identify the potential peak of future upward movements.
Applying this theory, if the length of waves one and three is at 0.382, it could take the INJ price to $25, only slightly below the all-time high of $25.30.
This would mark a 40% increase from the current price. If wave five extends, the price can increase by 100% and reach the next resistance at $36.50.
Despite this bullish INJ price prediction, if the price reaches a local top, it can fall by 45% and return to the $9.20 horizontal support area.
OKB Price Wave Count Can Lead to New All-Time High
The OKB price movement shares several similarities to INJ’s, mostly because of its wave count.
Similarly, OKB has broken out from a symmetrical triangle and is likely in the fifth wave of an upward movement.
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The most likely target for the top of the movement is $72. The target is found by the 1.61 external Fib retracement of wave four and the height of the triangle (white) projected to the breakout level.
It is 36% above the current price and the all-time high of $58.80.
Despite this bullish OKB price prediction, a decrease below the wave four low (red line) of $43 can trigger a nearly 60% increase to the closest support area at $20.
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Trust Wallet Token (TWT) Concludes All-Time High Altcoins
The TWT price broke out from a long-term descending resistance trendline in October. The price reached a high of $1.70 yesterday, slightly below the yearly high of $1.87.
However, the price has fallen since, failing to reach a weekly close above the $1.50 resistance area. The resistance is the final one before the all-time high of $2.73. So, a weekly close above it can trigger a 70% increase that would take the price to the area.
The weekly Relative Strength Index (RSI) supports this increase. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
The indicator is above 50 and moving upwards, both signs of a bullish trend.
Despite this bullish TWT price prediction, failure to clear the $1.50 horizontal resistance area can lead to a 40% drop to the closest support at $0.95.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
