May was a bearish month for the cryptocurrency market, but these three cryptocurrencies managed to maintain most of their gains and even recorded positive momentum
If the market rebounds in June, some cryptocurrencies could recoup previous losses and even reach new all-time highs. The BeInCrypto editorial board has highlighted three potential candidates for such growth.
Will TomoChain (TOMO) be able to hold on to the heights it has reached
According to the results of technical analysis, the price of TOMO showed massive growth last week, reaching a new yearly high of $2.55. However, this rise failed to show sustainability.
In the meantime, TOMO formed a long upper wick, which is considered a sign of selling pressure.
TOMO has instead formed a long upper wick, which is considered a sign of selling pressure (red icon).
more, this wick caused TOMO to fall below the $1.70 horizontal area, which is expected to offer resistance to the bulls. A pullback above this area is an important bullish signal and there is no further significant resistance above this area on the chart until the all-time high near $3.60.
So if the price of TOMO crosses the $1.70 area, it could quickly move up towards this area and possibly hit a new all-time high.
Source: TradingView
If there is a bounce, the token could collapse to $1.
Last week, BeInCrypto’s editorial team told us that the altcoin TOMO was one of the top three most traded cryptocurrencies on the BKEX exchange.
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Injective (INJ) aims for continued growth
The price of INJ has been soaring since the beginning of the year. This growth resembles a five-wave bull structure (white). If true, INJ is currently in the fifth and final wave of this pattern.
If the results of this analysis are correct, INJ will complete its fifth wave near the $14 horizontal resistance area. Even though it is well below the all-time high, it is the last resistance covering it.
So if the price overcomes the $14 resistance, it could move to a new all-time high.
Source: TradingView
In the meantime, a drawdown below the first wave high (red line) at $4.58 cancels this bullish outlook for INJ. In this case, the price could fall to $3.
.
RocketPool (RPL) overcame important resistance
Rocket Pool is a popular Ethereum-stacking platform. The RPL hit an all-time high of $65.32 on April 16 and has been moving under the downward resistance line ever since. That drop took the price to a low of $43.44 on May 12.
But the price rebounded immediately, forming a bullish candle (green icon).. The next day it rose above the downside resistance line, indicating that the correction was over.
Although the price fell slightly after that breakout, it made an upside low on May 26. This is the first step in forming a bullish structure.
Source: TradingView
If RPL overcomes the 0.5 Fibo resistance level at $54.30, it is likely to reach a new all-time high.
In the meantime in case of a bounce we can expect a decline to the support area of $44.
.