These 4 cryptocurrencies may update all-time highs in August
Date: 2023-07-31 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
July turned out to be not particularly successful for the cryptocurrency market and especially for bitcoin (BTC) - by the end of the month, the main cryptocurrency could not get close to the $30,000 mark again.
However, August may become more positive – at least for altcoins, as the Bitcoin Dominance Index (BTCD) has stalled and is ready to start a downward movement.
Wave calculation can bring OKB (OKB) to a new peak
Since June 2022, OKB has been experiencing rapid growth, reminiscent of a five-wave upward movement. If this is the case, the asset is currently in the fourth wave. This hypothesis is confirmed by the presence of a symmetrical triangle on the chart, as well as the shape of the third wave.
If this interpretation is correct, OKB price will exit the triangle and rush to the next resistance level at $72.10, setting a new all-time high.
To find the target, we used the 1.61 Fibonacci extension on the fourth wave. This method shows good results when the price is close to the all-time high, that is, there is no horizontal resistance left above it.
However, if OKB breaks through the limits of the triangle down, the bullish forecast will become invalid. In this case, the price of the asset may drop to $34.3.
Maker (MKR) fixed above $1000
In July, MKR experienced two important bullish events at once: the price of the asset broke above the 790-day descending resistance line and overcame the horizontal resistance zone at around $1000.
The next important resistance level for Maker is $2100. This means an increase of 70% compared to current figures. If the all-time high is 410% higher, which makes breaking through it a challenge, the $2100 area looks much more achievable.
Despite the positive outlook for the MKR price, a close below the $1000 level will break the bullish structure and fall to the nearest support at $750.
TomoChain (TOMO) shows sustained bullish signs
The price of TOMO is also showing clear bullish signs. The main reason for this is the 450% upward movement since the beginning of the year.
In the course of this growth, the price of the asset returned to the resistance area of $0.95. This is a very= important level, as it is the last horizontal resistance before the all-time high of $3.90.
The wavechart suggests that TOMO is in its fifth and final wave of growth. If the calculation is correct, then the continuing rebound to the $0.95 area (it is marked with a green icon on the chart) means the end of the fourth and the beginning of the fifth wave. An upward movement towards the all-time high area will mean an increase of 160% compared to the current price.
However, a close below the $0.95 area would mean that the trend has changed to bearish. If this happens, a correction will take TomoChain to the $0.70 support level.
Ocean Protocol (OCEAN) could break above long-term resistance
OCEAN has been under a downward resistance line since hitting an all-time high of $1.94 in April 2023. This line has been around for 829 days, and so far the asset has made six unsuccessful breakout attempts (they are marked with red icons on the chart). Since the resistance becomes weaker with each touch, it is only a matter of time before it breaks through.
In addition, since the beginning of February, the price has been trading inside a downward parallel channel. This pattern is considered corrective, so a breakout from it looks like the most likely scenario for further developments. It is also consistent with numerous breakout attempts, weakening long-term resistance.
However, since the all-time high is more than 460% away from the current price, it will not be easy to reach it. A more reasonable target in the event of a bullish breakout would be the $1 resistance area.
