2023: A Promising Outlook for Altcoins
The last two quarters of 2023 have been somewhat uneventful for cryptocurrency investors. The price of BTC remained within a narrow range, and despite the support from BlackRock, the markets did not see a massive recovery. Increased regulatory pressures and the possibility of the Fed maintaining a tight policy for a longer period have dampened investors’ risk appetite during this time. The “sell and go on vacation” motto in the summer months also had a negative impact on performance.
October is historically a positive period for the cryptocurrency markets, so a recovery is expected. However, it is difficult to estimate the extent of this recovery in advance, and it cannot be said that historical data always work correctly. So, which cryptocurrencies can make investors happy in October?
The price of INJ has significantly increased since the beginning of the year. The upward movement has also broken the decreasing trend line that came from the ATH level. The popular cryptocurrency then reached a peak of $9.97, marking its highest point in 2023. However, the altcoin has not yet been able to make a breakthrough in this area.
The price is consolidating within a symmetrical triangle, and since the triangle emerged after an upward movement, a final breakout is the most likely price scenario in the future. On the other hand, the ongoing Elliott Wave count supports the ongoing rise. If the count is correct, the INJ price is approaching the end of the fourth wave, and after that, the fifth and final rise should occur.
Technical analysis suggests that the next significant move could be an increase of around 250% up to $25. However, if there are closings below $6.5, the expectation of a rise will reverse, and the $4.25 region will become the target.
Similar to Injective, the price of OKB is within a symmetrical triangle, and the price appears to be in the fourth stage of a five-wave movement. If the expected upward movement occurs, we can see the price reach $72 in this scenario. However, a downside breakout from the triangle suggests that the price could gain momentum in the opposite direction, despite the bullish prediction.
In terms of a downward trend, the potential target is $21 with a 50% loss.
The TON price has been below a declining resistance trend line since the beginning of the year. This caused it to drop to $0.96 on June 11. However, a sudden wave of excitement pushed the price to new highs. With the integration of Telegram, interest in the altcoin increased, and the price rose significantly. The price broke out of the descending resistance line and reached an exciting level of $2.6 in September.
If the upward trend continues, we can see the price rise to $4.9. However, in the opposite scenario, the price could drop below the $1.6 declining resistance line.