The cryptocurrency market experienced a positive month in June, largely driven by Bitcoin (BTC), which reached a new yearly high on June 23rd. This momentum has brought renewed optimism to the altcoin market. While Bitcoin dominance (BTCD) is currently rising, a stabilized BTC price could create an environment where altcoins thrive.
July presents an exciting opportunity for traders and investors to monitor the market and capitalize on potential trends. We analyze three cryptocurrencies that show strong potential to reach new all-time highs this month.
Stacks (STX): Gearing Up for a Rally
STX has seen a notable upward movement since the beginning of the year. The price action appears to resemble a complete five-wave upswing (indicated in black), suggesting a potential bullish trend reversal.
After hitting a yearly high of $1.31 on March 20, STX underwent an 82-day correction, dropping to a low of $0.44 on June 10. The price quickly rebounded, reclaiming the $0.55 support area and invalidating the previous breakdown. Such deviations and recoveries often precede significant upward movements.
As a result, STX may be at the start of a new five-wave increase, potentially pushing toward a new all-time high near $3.
Despite the optimistic outlook, a failure to break above the $0.87 resistance level—which aligns with the 0.5 Fibonacci retracement—could lead to a retest of the $0.55 zone.
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Injective (INJ): Eyeing a New Peak
INJ has demonstrated impressive bullish momentum since the start of the year. The upward movement can be interpreted within a five-wave Elliott Wave pattern (marked in black)—a tool used by technical analysts to identify recurring market patterns and investor sentiment.
According to this count, INJ is currently in its third wave. The sub-wave count (white) suggests that INJ has just begun its fifth and final sub-wave.
If this analysis holds, INJ is expected to complete its third wave near the $14 horizontal resistance level. A breakout above this barrier could propel the price toward a new all-time high, aligning with the completion of the fifth wave.
However, a drop below the first sub-wave high at $4.58 (red line) would invalidate this bullish count. In such a scenario, INJ could decline toward the $3.00 support level.
Aptos (APT): On the Verge of a Breakout
APT has been trading below a descending resistance line for the past 154 days, indicating a bearish trend. The decline also caused the price to break below the $8 support area, which had previously served as a significant floor.
Despite the bearish structure, APT is currently attempting to break out above this resistance line. A successful breakout could also lead to a reclaiming of the $8 level, given its proximity to the trendline.
Should APT break out, the next major resistance lies at $13.50. With little overhead resistance beyond that point, a rapid upward movement could follow.
Conversely, a rejection from the resistance line may lead to a decline toward the next key support at $4.00.
Frequently Asked Questions
What makes these cryptocurrencies likely to reach new all-time highs?
Strong technical patterns, such as completed corrections and breakouts from resistance levels, indicate growing bullish momentum. Additionally, the lack of major overhead resistance for some of these assets could allow for rapid price appreciation.
How important is Bitcoin’s performance for these altcoins?
Bitcoin’s stability often benefits altcoins. If BTC consolidates or continues its upward trend, it may boost investor confidence across the market, creating a favorable environment for altcoin growth.
What are the main risks associated with these predictions?
Key risks include failure to break critical resistance levels, broader market downturns, or unexpected negative news. Each cryptocurrency has specific invalidation points that would negate the bullish outlook.
Can beginners participate in trading these cryptocurrencies?
Yes, but it's essential to conduct thorough research, understand risk management, and consider using stop-loss orders to protect investments. Beginners should also avoid investing more than they can afford to lose.
What time frame should traders consider for these predictions?
These analyses are primarily focused on July, but price targets may extend into later months depending on market conditions and momentum.
Are these recommendations financial advice?
No, this article is for informational purposes only. Always do your own research and consider consulting a financial advisor before making investment decisions.