The price of Bitcoin (BTC) has pulled back to the $34,500 support level today, due to profit-taking. The upward trend that started in late October gained momentum after such corrective moves. So, which altcoins hold promise for November? Current price targets suggest that three cryptocurrencies could reach their all-time highs.
INJ Coin experienced one of the most impressive rallies of 2023. The price peaked at $9.97 in April and entered a consolidation phase. With the overall market recovery in October, this altcoin continues to rise and aims for new highs.
According to the Elliott Wave Theory, the upward movement has reached the fifth wave. Compared to the first and third waves, the target for the final wave is $25. The historical peak is at $25.3, and if the bulls can extend the rally, surpassing the ATH level is possible.
If the upward movement continues after the fifth wave peak, the target will be $36.5. However, if profit-taking starts from the peak, bears could push the price down to the $9.2 support level.
The chart of INJ Coin shows a similar structure to OKB. The ongoing uptrend represents the fifth wave in the same way. The most likely target for the peak is $72, which is 36% above the ATH price of $58.8.
Despite the bullish prediction, a downward movement below the $43 fourth wave could trigger a 60% loss wave, potentially leading to a price of $20.
In October, it broke out of the long-term descending resistance trend line. The price recently reached $1.7, just below the annual peak of $1.87. This Binance-supported altcoin has since declined and failed to close above the $1.50 resistance area on a weekly basis.
The unbreakable resistance level is a crucial stop on the ATH journey. If the bulls want to move the price to the ATH of $2.73, they need to overcome this resistance. The weekly RSI supports the upward movement. Demand is strong, and along with the price, the RSI stays above the neutral zone.
However, if the resistance cannot be broken and the price turns down, we could see a 40% drop to around $0.95 instead of new highs in November.