These altcoins have bullish-looking formations and could hit new all-time highs in November.
October was a decidedly bullish month for the cryptocurrency market. BeInCrypto analyzes November's top altcoins that could hit new all-time highs.
Injective (INJ) approaches its all-time high
The INJ price has seen a notable increase since the beginning of the year. This upward move resulted in a breakout of a descending resistance trend line, which had been in place since its all-time high.
Following the breakout, the altcoin reached a high of $9.97 in April. Subsequently, it entered a consolidation phase within a symmetrical triangle pattern. The price broke the pattern in October and has increased tremendously since then.
Additionally, Eliott's wave theory, which involves analyzing long-term recurring price patterns and investor psychology, supports the idea of continuous price rise.
According to this theory, the INJ price appears to be in the fifth and final wave of an upward movement.
By measuring the lengths of waves one and three, we can project the length of wave five using Fibonacci projections.
The theory of Fibonacci retracement levels suggests that following a significant price movement in one direction, the price is expected to partially retrace to a previous price level before resuming in the same direction.
This theory can also help identify the potential peak of future upward moves.
Applying this theory, if the length of waves one and three are at 0.382, the INJ price could reach $25, only slightly below the all-time high of $25.30.
This would mark a 40% increase from the current price. If the fifth wave extends, the price may rise by 100% and reach the next resistance at $36.50.
Despite this bullish INJ price prediction, if the price hits a local high, it may drop by 45% and return to the $9.20 horizontal support area.
OKB wave count may lead to new all-time high
OKB's price movement shares several similarities with that of INJ, mainly due to its wave count.
Similarly, OKB has broken out of the symmetrical triangle and is probably in the fifth wave of the upward movement.
The most likely target for the top of the move is $72. The target is found via the 1.61 Fib outside retracement of wave four and the triangle height (white) projected to the breakout level.
It is 36% above the current price and the all-time high of $58.80.
Despite this bullish OKB price prediction, a drop below the fourth wave low (red line) of $43 can trigger a nearly 60% rise to the nearest support area at $20.
Trust Wallet Token (TWT) Closes Cryptocurrencies That Could Record ATH in November
TWT price broke a long-term descending resistance trend line in October. The price reached a high of $1.70 yesterday, slightly below the yearly high of $1.87.
However, the price has since fallen and failed to reach a weekly close above the $1.50 resistance area. The resistance is the last one before the all-time high of $2.73.
Therefore, a weekly close above can trigger a 70% rise that would take the price into the zone.
The weekly Relative Strength Index (RSI) supports this rise. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is up, the bulls still have an advantage, but if the reading is below 50, the opposite is true.
The indicator is above 50 and moving up, both signs of an uptrend.
Despite this bullish TWT price prediction, failure to break above the $1.50 horizontal resistance area may result in a 40% drop to the nearest support at $0.95.
