SEI price has increased by 50 percent in the last two days. INJ price has increased by 3,000% this year. Although BGB had difficulty rising above the $0.50 resistance throughout the year, it reached the top with the breakout. Today, 3 altcoins reached all-time highs. Increases for these three tokens continue in various time periods. Crypto analyst Valdrin Tahiri evaluates what awaits the tokens next.
SEI price increased by 50% in two days, more may come!
The SEI price has gradually increased since October 19, when it dropped to as low as $0.10. By the end of November, the increase accelerated, reaching an all-time high of $0.32 on December 5. Subsequently, the altcoin began a significant correction. This caused it to drop to $0.22 on December 13. Then, it started another rise yesterday and reached an all-time high of $0.34 today.
Elliott Wave theory involves analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The most probable wave count shows SEI completing waves one and two (white) of a five-wave uptrend. The lower wave number is shown in black. If the third wave is the same length as the first wave, it is possible for the altcoin price to increase by another 35%. Thus, it reaches the next resistance at $0.44. Because the third wave is usually longer, it can be 1.61 times as long as the first wave. This is likely to lead to a 75% increase and a high of $0.58.
Despite this bullish SEI price prediction, a close below the $0.30 horizontal resistance area would invalidate the breakout. This would likely lead to a 30% decline to the nearest support at $0.22.
INJ is approaching $40, what’s next for the altcoin?
cryptokoin.comAs you follow from , Injective (INJ) price has increased rapidly since the beginning of the year. Today it reached an all-time high of $39.88. Thus, it achieved an upward movement of 3,000% in 2023. The rate of increase accelerated in October. The altcoin price has since formed nine bullish weekly candlesticks in 10 weeks.
Wave counting shows that INJ price is approaching the top of the fifth and final wave. Currently, the fifth wave has 0.618 times the combined length of the first and third waves. Therefore, INJ may have reached a peak near $40.70. However, a break above this level will mean that the fifth wave will extend further. Therefore, the reaction to the $40.70 region will determine whether the price has reached a top or not.
If INJ breaks this level, a 60% increase is possible. Thus, it reaches the next resistance at $61.50. However, if it is rejected, a 60% drop is possible. This will mean that it will drop to the $17 support zone. Cryptocurrency analyst Tanaka states that the price increase is accompanied by an increasing interest in the ecosystem. Tanaka said, “Blockchain has experienced a significant increase in user adoption since its launch as INJ continues to break its ATH. Specifically, starting on December 9th, the daily number of new wallets on Injective increased from 134 to 1328 wallets on December 18th.” says.
BGB broke through final resistance: What’s on the horizon for the altcoin?
Bitget Token (BGB) price has increased gradually since July 2022. However, since the beginning of the year, the token has struggled to break above the $0.50 horizontal resistance area. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell an asset. Data above 50 and a bullish trend indicate that the bulls still have the advantage. On the other hand, data below 50 indicate the opposite.
The rejected values combined with a bearish trend in the weekly RSI (green). This is a sign of increasing weakness for BGB. However, the breakout from the $0.50 area in November also coincided with the breakout from the divergence trendline, adding to its legitimacy. Today, the altcoin reached its all-time high of $0.70. The high occurred above the 1.61 outer retracement of the previous decline. It broke above this resistance area. Therefore, the altcoin price is likely to rise to the next resistance at $0.85 on an upward move. This means a 25% increase from the current price.
Despite this bullish BGB price prediction, a close below $0.65 could lead to a 30% decline to the nearest support at $0.50.
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