- The cryptocurrency OKB is on an upward trend within its fourth wave, according to the Elliott Wave theory, and is heading towards a significant resistance.
- Ocean Protocol (OCEAN) is showing potential to break out from a long-term descending resistance line, and corrective movements could occur within a descending parallel channel.
- Bitcoin Cash (BCH) could experience a decline if it fails to surpass its resistance line, potentially falling to $140. Meanwhile, Toncoin (TON) is attempting to break free from its descending resistance line, which could lead to a significant price increase if successful.
Despite a general downward trend in the cryptocurrency market, certain altcoins like OKB, OCEAN, BCH, and TON are showing promising formations that could indicate potential price increases.
OKB’s Upward Trend
Since June 2021, OKB has seen a significant price increase that resembles a five-wave upward movement. If this is indeed the case, it is currently in the fourth wave of this Elliott Wave count. The Elliott Wave theory, which analyzes recurring long-term price patterns and investor psychology to determine the direction of the trend, suggests that if OKB breaks through, the next resistance could be at $72.10, which could match its all-time high price.
Ocean Protocol’s Potential Breakout
After reaching its all-time high of $1.94 in April 2021, OCEAN’s price experienced a decline under a descending resistance line. This downward trend continued for 829 days, during which the price attempted to break out from this trend line six times without success. However, since trend lines tend to lose strength with each touch, the probability of a breakout from this trend line could increase over time. Additionally, since early February, the price has been trading within a descending parallel channel, a pattern typically associated with corrective movements. Therefore, the most likely future price scenario could be a breakout from this channel.
Bitcoin Cash’s Potential Decline
BCH’s price began to rise in November 2022, and after forming a higher low in June 2023, the price increase accelerated, leading to a new annual high of $329. On August 17, BCH completed its fourth wave with a bounce at the 0.618 Fib retracement support level. Despite this bullish price prediction for BCH, a close below the resistance line of the channel could invalidate the breakout, potentially causing the price to fall by 35% to the nearest support at $140.
Toncoin’s Attempt to Break Free
Since December 2022, TON’s price has been under a descending resistance line. A rejection in April 2023 triggered a sharp decline that led to a low of $0.96 on June 11. However, since then, the price has been increasing. After the initial deviation, TON reclaimed the $1.35 horizontal area, confirming it as support. TON is now trying to break free from the descending resistance line. If successful, the price could potentially move to the next horizontal resistance at $2.60, representing a 50% increase from the current price.
Conclusion
While the cryptocurrency market has generally been on a downward trend, certain altcoins like OKB, OCEAN, BCH, and TON are showing promising formations that could indicate potential price increases. However, investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research before making transactions.
