June was a positive month for the cryptocurrency market, especially Bitcoin (BTC), which hit a new yearly high on June 23.
July can be a very important month for altcoins. As the dominance rate of Bitcoin (BTCD) rises, it is possible that altcoins will prosper if the price of BTC consolidates.
This can generate opportunities for traders and investors. With that in mind, BeinCrypto analyzes three cryptocurrencies that could reach new all-time highs in July:
The price of STX has been rising sharply since the start of the year. The movement resembles a complete jump in five waves (black). In this case, it would mean that the token has started a new uptrend reversal.
After hitting a new yearly high of $1.31 on March 20, the price entered an 82-day correction, leading to a low of $0.44 on June 10. The asset rebounded immediately after, reclaiming the $0.55 zone in the process.
Therefore, the previous breakout is considered invalid. Such deviations and recoveries often lead to bullish moves. Therefore, the price of STX may have started a new five-wave move that could take it to the all-time high of $3.
Despite the bullish outlook, if the price fails to break above the $0.5-0.87 Fibonacci retracement level, it could fall back to the $0.55 area.
The INJ has made a significant jump since the start of the year. This movement can be compared to a five-wave pattern (black).
Technical analysts use Elliott theory to identify long-term recurring patterns and investor psychology to help determine the direction of trends. In this case, the price is currently in the third wave of this move.
The subwave number is empty, suggesting that price has just started the fifth and final subwave. If the count is accurate, the INJ should end its third wave near the $14 level, which acts as a horizontal resistance. Although it is lower than the previous record, it represents the last hurdle before reaching a new all-time high.
However, if the price breaks below the top of the first subwave (denoted by the red line) at $4.58, this would invalidate the bullish forecast for the INJ. The count suggests a bearish outlook in such a scenario, and the price could drop to $3.0.
APT is below a 154-day downtrend line. Therefore, the trend is considered bearish until it is broken. Additionally, the decline took the price below the $8 horizontal area, which previously served as support.
While the price action so far has been bearish, APT is breaking out of the cross. As the $8 zone is close to the line, a breakout of the first would likely lead to a rebound in the second as well.
If the price breaks out, the only resistance ahead of the all-time high would be at $13.50.
However, if the price fails to make this move, it may drop to the nearest support at $4.0.
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