September was a relatively neutral month for the cryptocurrency market. This situation was remarkable for both Bitcoin and various altcoins. However, October is shaping up to be a more positive month for these altcoins with bullish formations, according to crypto analyst Valdrin Tahiri. The analyst reveals 3 altcoins that have the potential to rise to ATH levels in October.
The first altcoin to reach its ATH: Injective (INJ)
cryptokoin.comAs you follow from , the INJ price has increased significantly since the beginning of the year. The upward move resulted in a breakout from the descending resistance trend line that had previously been in place since the all-time high. Later, the altcoin reached a yearly high of $9.97 in April. Since then, INJ price has consolidated within a symmetrical triangle, which is considered a neutral pattern. However, since the triangle appears after an upward move, an eventual breakout is the most likely future price scenario.
Additionally, the Eliott Wave count supports the continued increase. If the count is correct, INJ price is approaching the end of the fourth wave. After this, the fifth and final increase will be expected. By measuring the length of the first and third waves, it is possible to predict the length of the fifth wave using Fib projections. According to the theory of Fibonacci retracement levels, after a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction. It is also possible to use this theory to determine the peak of future upward movements. The 0.382 length of the first and third waves will push the altcoin price to its all-time high price of $25. This represents a 250% increase from the current price.
This bullish INJ price prediction is invalidated by a break of the triangle support line at $6.50. In this case, it is possible that INJ will decline by 40% to $4.25.
OKB price wave number also paves the way for new highs
OKB price action is similar to INJ’s, mostly due to wave number. Same as Injective, the price is trading inside a symmetrical triangle, possibly in the fourth wave of a five-wave up move. The altcoin price is rapidly approaching the end of the formation. A decisive move is likely to occur at this time.
Due to the wave number and the fact that the triangle appears after an upward move, a breakout from the triangle is the most likely future outlook. If this happens, the next possible area for a top would be $72. The target is found by reflecting the length of the triangle to the breakout level (white line) and the 1.61 outer Fib retracement of the most recent decline. The target remains 67% above the current price.
Despite this bullish OKB price prediction, a breakout from the triangle would invalidate the count. In this case, it is possible that the altcoin price will drop by 50% to $21.
The last altcoin on the way to see its ATH: Toncoin (TON)
TON price has been below a descending resistance trend line since the beginning of the year. This led to a low of $0.96 on June 11. However, the price formed a very long lower wick (green icon). Also, it has increased since then. In September, TON broke out of the descending resistance line we mentioned above. After this, it reached a high of $2.60. If the increase continues, the target is the 1.61 Fib extension of the most recent decline at $4.08. This is 85% above the current price and just below the ATH level of $4.90.
If the rally loses momentum, it is possible for TON to drop by 27.50%. In this move, the altcoin price is likely to reach the descending resistance line at $1.60.
The predictions in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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