simply put
In July, there was considerable optimism towards all three altcoins as they all had the potential to hit new all-time highs.
The price action, wave count, and especially the lack of overhead resistance, allows for future price acceleration higher upon a breakout.
Each of these cryptocurrencies has a different “invalidation level” at which their uptrend could be disrupted.
June has been a positive month for the cryptocurrency market. This has been particularly prevalent in Bitcoin (BTC), which hit a new yearly high on June 23.
July has the potential to be a very important month for the altcoin market. While Bitcoin Dominance Rate (BTCD) is currently rising, altcoins have the potential to thrive if BTC price consolidates.
This makes it an exciting time for traders and investors to keep an eye on market movements and take advantage of potential opportunities. BeinCrypto looks at three cryptocurrencies that could hit new all-time highs in July:
Can Stacks (STX) Regain Upward Momentum?
STX price has risen significantly since the beginning of the year. The upward movement looks like a complete five-wave rise (black). If so, it means that STX price has started a new bullish trend reversal.
After hitting a yearly high of $1.31 on March 20, the STX price corrected for 82 days and fell to a low of $0.44 on June 10. The price immediately rebounded, reclaiming the $0.55 area in the process.
Therefore, the previous breakdown is considered invalid. Such deviations and recoveries often lead to clear uptrends.
Therefore, the STX price might have started a new five-wave increase that could reach a new all-time high of $3.
Despite the bullish outlook, if STX price fails to break above the .5 Fibonacci Retracement resistance at $0.87, it could drop to the $0.55 area again.
Bullish Single Shot (INJ) Count May Set New Highs
Since the beginning of the year, INJ has seen a significant increase in price. This upward movement can be compared to a five-wave pattern (black).
Technical analysts use the Elliott Wave Theory to identify recurring long-term price patterns and investor psychology, helping them determine the direction of a trend. If so, the INJ price is currently in the third wave of this rally.
The sub-wave count is shown in white, indicating that INJ price has just started the fifth and final sub-wave.
If the statistics are accurate, the price of INJ is expected to complete the third wave close to the $14 level, which acts as a horizontal resistance level. Although this is lower than the previous all-time high, it represents the last hurdle before reaching new all-time highs.
Therefore, if the price breaks above the $14 resistance, a new peak is likely to be reached. This will coincide with the all-time high set when the fifth wave is completed.
However, if the price falls below the high of the first sub-wave (shown by the red line) at $4.58, INJ’s bullish prediction will be invalidated.
In this case, the count indicates a bearish outlook and the price could drop to $3.0.
Will the Aptos (APT) price start the road to recovery?
The APT price has been breaking below the descending resistance line for the past 154 days. Hence, the trend is considered bearish until the price breaks out. Moreover, the decline has taken the APT price below the $8 horizontal area that previously provided support.
While the price action so far is bearish, the APT price is in the process of breaking out of this line. Since the $8 area is very close to this line, a breakout of the former could also lead to a recovery of the latter.
If the APT price does break out, the only resistance before the all-time high will be $13.50. The lack of overhead resistance will allow for a quick rally if the price breaks out.
However, if APT gets rejected, it could drop to the next closest support level at $4.0.