June was a positive month for the cryptocurrency market. This was especially true in the case of Bitcoin (BTC), which reached a new annual high on June 23.
July has the potential to be a very important month for the altcoin market. While the Bitcoin dominance rate (BTCD) is currently on the rise, there is potential for altcoins to flourish if the BTC price consolidates.
This makes it an exciting time for traders and investors to closely monitor market movements and take advantage of potential opportunities. BeinCrypto takes a look at three cryptos that could reach new all-time highs in July:
Can Stacks (STX) Resume Upward Movement?
The STX price has risen sharply since the beginning of the year. The upward movement looks like a completed five-wave increase (black). If so, it would mean that STX price has started another bullish trend reversal.
After reaching a new annual high of $1.31 on March 20, STX price corrected for 82 days, leading to a low of $0.44 on June 10. The price immediately bounced back after that, reclaiming the $0.55 area.
As a result, the previous breakdown is considered invalid. Such deviations and recoveries often lead to marked upward movements.
Therefore, the STX price may have started another five-wave surge that could take it to an all-time high of $3.
Despite the bullish outlook, if STX price fails to break above the 0.5 Fib retracement resistance of $0.87, it could drop back to the $0.55 area.
Bullish Injective (INJ) Count may lead to new highs
The price of INJ has risen significantly since the beginning of the year. This upward movement can be compared to a pattern of five waves (black).
Technical analysts use Elliott Wave theory to identify recurring long-term price patterns and investor psychology, helping them determine the direction of the trend. If so, the INJ price is currently in wave three of this increase.
The number of sub-waves is shown in white, suggesting that INJ price has just entered the fifth and final sub-wave.
If the count is accurate, the price of INJ is expected to complete its third wave near the $14 level, which acts as a horizontal resistance. While this is lower than the previous record, it represents the final obstacle before reaching a new record.
So, if the price crosses the $14 resistance, it could reach a new peak. This would match the completion of wave five on a new all-time record.
However, if the price falls below the high of the first sub-wave (indicated by the red line) at $4.58, it would invalidate the optimistic forecast for INJ.
The count would suggest a bearish outlook in such a scenario, and the price could drop towards USD 3.0.
Will the price of Aptos (APT) start the road to recovery?
The APT price has dropped below a descending resistance line for the past 154 days. Thus, the trend is considered bearish until the price breaks out. In addition, the decline took the APT price below the $8 horizontal area, which had previously provided support.
While the price action has been bearish so far, the APT price is in the process of breaking out of line. Since the $8 area is close to the line, a breakout from the former would likely trigger a chargeback from the latter as well.
If APT price does break out, the only resistance before the all-time high would be $13.50. The lack of overhead resistance allows for a quick rally as the price breaks out.
However, if APT is rejected, it could fall to the next closest support at $4.0.
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In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.