Potential Altcoins for October: INJ, OKB, and TON
Date: 2023-10-02 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
The cryptocurrency market in September showed a neutral movement, leaving investors in anticipation. However, the onset of October may bring more optimistic prospects, especially for some altcoins that could rise on the wave of bullish trends.
INJ: Seeking New Heights
Injective (INJ) has been impressive since the beginning of the year. During this time, the price of the asset has significantly increased, and the uptrend led to a breakthrough of the diagonal resistance line, which had been in place since INJ reached its historical high. As a result of this breakout, the price of the coin soared to a new yearly peak of $9.97.
At the moment, INJ is in a consolidation phase within a symmetrical triangle, which is generally considered a neutral pattern. However, it is worth noting that this triangle was formed after an uptrend, making its further breakout likely.
Wave analysis also supports the idea of continued growth. If the forecasts are correct, the price of INJ is approaching the completion of the fourth wave and may start the fifth and final wave. Using Fibonacci retracement levels, we can expect an impressive rise to a new historical high of $25.
However, it is essential to remember that nothing is entirely certain in the world of cryptocurrencies. This bullish forecast may prove wrong if INJ fails to hold the support level of $6.50. In such a case, we could encounter a correction that could drop the price of INJ by 40% to $4.25.
OKB: A Positive Scenario
Similar to INJ, OKB is also within a symmetrical triangle, which is likely representing the fourth wave in a five-wave uptrend. The price of the asset is rapidly approaching the completion of this pattern.
If OKB manages to break out of the triangle, the next target could be $72. However, in the event of a breakdown of the lower boundary of the figure, we could expect a 50% price drop to $21.
TON: Rally Continuation
Toncoin (TON) has been showing stable growth since the beginning of the year. Despite the presence of a descending resistance line, which kept the price of TON in check until June, the asset managed to rise and set a new local peak at $2.60 in September.
If this upward trend continues, Toncoin could reach a level of $4.08, which is an 85% increase from the current price and slightly below the historical high of $4.90.
However, in the world of cryptocurrencies, there is always a risk of correction. In the event of the asset losing momentum, the price of TON could return to the descending resistance line at $1.60.
