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August was a bearish month for the cryptocurrency market. This was evident in both Bitcoin (BTC) and various altcoins, which have experienced significant declines since reaching their yearly highs in July. Despite the downward trend in the crypto market, some altcoins are said to have bullish formations.
OKB
The price of OKB has significantly increased since June 2021. The increase resembles a five-wave upward movement, indicating that it is currently in the fourth wave of this Elliott Wave count. Technical analysts use the Elliott Wave theory to determine the direction of a trend by studying recurring long-term price patterns and investor psychology. If OKB breaks through, the next resistance will be $72.10, which could coincide with its all-time high.
Ocean Protocol (OCEAN)
After reaching its all-time high of $1.94 in April 2021, the price of OCEAN experienced a downward trend below the descending resistance line. This downtrend lasted for 829 days, during which the price made six unsuccessful attempts to break out of this trend line. Since trend lines tend to lose strength with each touch, the probability of a breakout from this trend line is higher. Additionally, since February, the price has been trading in a descending parallel channel, which is typically associated with corrective movements. Therefore, a breakout from this channel could be the most likely price scenario in the future, aligning with repeated breakout attempts weakening the resistance formed in the long term.
Bitcoin Cash (BCH)
The price of BCH started rising in November 2022. After forming a higher low in June 2023, the price accelerated its upward momentum, leading to a new yearly high of $329. On August 17th, BCH completed the fourth wave by bouncing off the 0.618 Fib retracement support. This bounce confirmed the Fib support and also validated the support line of a descending parallel channel. However, a close below the resistance line of this channel despite the price prediction for BCH’s upward movement could invalidate the breakout. In that case, the price could drop by 35% to the nearest support level of $140.
Toncoin (TON)
Since December 2022, the price of TON has fallen below a descending resistance line. A sharp decline triggered by rejection in April 2023 led to a low of $0.96 on June 11th. 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 attempting to break free from the descending resistance line. If successful, the price may move to the next horizontal resistance at $2.60, which could represent a 50% increase from the current price.
