These three cryptocurrencies may update historical highs in July
Date: 2023-07-02 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
June turned out to be successful for the cryptocurrency market and especially for bitcoin, which updated its annual high this month. In July, altcoins may excel.
Bitcoin's dominance is still growing, but if the price enters a consolidation phase, altcoins will be able to realize their bullish potential.
The editors of BeInCrypto analyzed three tokens that can update historical highs in July.
Stacks (STX) is ready to grow
The STX rate has grown significantly since the beginning of the year. The upward movement looks like a completed five-wave structure (black), which means that the STX price has started a new bullish trend reversal.
After updating its annual high at $1.31, STX declined for 82 days and bottomed out in the $0.44 area on June 10. Immediately after that, a rebound began, returning STX to the area above $0.55 and canceling the previous breakout.
Such straits and returns often lead to pronounced upward movements.
Thus, the price of STX is supposedly a new five-wave growth phase, which could lead it to an all-time high of $3.
If the STX price fails to rise above the 0.5 Fibonacci retracement level at $0.87, it will face a new drop to $0.55.
A bullish alignment will bring Injective (INJ) to new heights
INJ has risen significantly since the beginning of the year. This upward movement can be compared to the five-wave pattern (black), with the price of the altcoin in the third wave.
Technical analysts use the Elliott Wave Theory to identify recurring long-term price patterns that help identify trend direction.
The subwaves highlighted in white show that the INJ has just started its fifth and final subwave.
If the calculation is correct, then the INJ price will complete its third wave near the $14 level, which acts as a horizontal resistance. Although this level is below the previous high, it is the only one that separates the coin from the new record.
Therefore, overcoming the resistance at $14, it will form a new peak. This area will coincide with the end of the fifth wave
If the price falls below the top of the first subwave (indicated by the red line) at $4.58, the optimistic forecast for the INJ will have to be abandoned.
In this scenario, a bearish outlook is activated, and the price may decline to $3.0.
Will Aptos (APT) start the path to recovery
For the last 154 days, Aptos (APT) price has been holding below a descending resistance line. Thus, the trend is considered bearish until the price crosses this mark. Moreover, the price of APT fell below the horizontal area of $8, which previously served as its support.
At this stage, the price dynamics look bearish, however, the APT is trying to break through the downward trend line, which is in close proximity to the former $8 support area. Thus, having broken through the trend line, APT is likely to be able to recover above $8.
In this case, the only resistance before the altcoin's all-time high would be the $13.50 level.
However, if a breakout does not occur, the APT could pull back to $4.0.
