Altcoins
3 Altcoins That Hit All-Time Highs Today
Injective (INJ), SEI, and Bitget Token (BGB) are three altcoins that hit new all-time highs today.
The increases in these three altcoins continued over different periods. Which ones will continue?
SEI price rises 50% in two days
The price of SEI has been increasing gradually since October 19, when it fell to $0.10. The rise accelerated at the end of November, reaching an all-time high of $0.32 on December 5.
Subsequently, the altcoin started a significant correction. This led to a low of $0.22 on December 13. Then, it started a new rise yesterday, reaching a new all-time high of $0.34 today.
Elliott Wave Theory involves the analysis of long-term recurring price patterns and investor psychology to determine the direction of a trend. The most likely wave count suggests that SEI completed the first and second waves (white) of a five-wave upward movement. The number of subwaves is indicated in black.
If the third wave has the same duration as the first wave, the altcoin can rise another 35% and reach the next resistance at $0.44. Since the third wave often extends, it can have a duration of 1.61 times that of the first wave, leading to an increase of 75% and a maximum of $0.58.
SEI/USDT daily chart. Source: Trading View
Despite this bullish SEI price prediction, a close below the $0.30 horizontal resistance zone will invalidate the breakout. This may result in a 30% decline to the nearest support at $0.22.
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INJ approaches $40
THE INJ price has increased rapidly since the beginning of the year. It hit a new all-time high of $38.80 today, representing a 3,000% upward move in 2023.
The rate of increase accelerated in October and the price has since created nine bullish weekly candlesticks in 10 weeks.
The number of waves suggests that INJ price nears the top of the fifth and final wave. Currently, wave five is 0.618 times longer than waves one and three combined. Thus, a high could be reached near $40.70.
However, a break above this level would mean that the fifth wave would extend further. So, the reaction to the $40.70 area will determine whether the price has reached the top.
If INJ breaks out, it can increase by 60% and reach the next resistance at $61.50. However, a 60% decline to the $17 support zone is expected in the event of a rejection.
Cryptocurrency analyst Tanaka noted that the price rise has been accompanied by increased interest in the ecosystem. He tweeted:
As the $INJ The token continues to surpass its ATH, the chain has seen a significant increase in user adoption since its launch. Notably, from December 9, the number of daily new wallets on Injective increased from 134 to 1,328 wallets on December 18.
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BGB clears final resistance
BGB price has been gradually increasing since July 2022. Since the beginning of the year, the price has struggled to break above the $0.50 horizontal resistance zone.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. Readings above 50 and an upward trend indicate that the bulls still have an advantage, while readings below 50 suggest the opposite.
The rejections were combined with a bearish divergence in the weekly report ROI (Green). This is a sign of growing weakness. However, the breakout of the $0.50 area in November also coincided with a breakout of the divergence trendline, thus reinforcing its legitimacy.
Today, altcoin hits new all-time high of $0.70. The high was reached above the 1.61 external retracement of the previous decline. Since it has broken through this resistance zone, it will likely rise to the next resistance at $0.85, a 25% upward move from the current price.
Despite this bullish BGB price prediction, a close below $0.65 can result in a 30% decline to the nearest support at $0.50.
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