August could be more positive – at least for altcoins, however, as the bitcoin dominance index (BTCD) has stalled and is poised to begin a downward movement.
The BeInCrypto editorial team analyzed four tokens that could update all-time highs in August.
Wave calculation could lead OKB (OKB) to a new peak
Since June 2022, OKB has been experiencing a rapid rise resembling a five-wave uptrend. If this is the case, the asset is currently in its fourth wave. This hypothesis is supported by the presence of a symmetrical triangle on the chart, as well as the shape of the third wave.
If this interpretation is correct, the OKB price will break out of the triangle and head towards the next resistance level at $72.10, setting a new all-time high.
Source: TradingView
To find the target, we used the 1.61 Fibonacci extension on the fourth wave. This method shows good results when the price is close to the historical high, i.e. there is no horizontal resistance above it.
But if OKB breaks the triangle down, the bullish forecast will become invalid. In such a case, the asset’s price could drop to $34.3.
Maker (MKR) has consolidated above $1000
Maker (MKR) experienced two major bullish events in July: the price broke above the 790-day descending resistance line and broke above the horizontal resistance zone at $1000..
Source: TradingView
The next important resistance level for Maker is $2100. This represents an increase of 70% over current figures. While the all-time high is 410% higher, which makes breaking it a challenge, the $2100 area looks much more attainable.
Anything below the $1000 level would break the bullish structure and lead to a fall to near-term support at $750.
Despite MKR’s positive price outlook, a close below the $1000 level would break the bullish structure and drop to near-term support at $750.
.
TomoChain (TOMO) is showing consistent bullish signs
The TOMO price is also showing clear bullish signs. The main reason for this is the 450% upward movement since the beginning of the year.
In the course of this rise, the asset price returned to the $0.95 resistance area. This is a very= important level as it is the last horizontal resistance before the all-time high of $3.90.
Source: TradingView
The wave chart suggests that TOMO is in the fifth and final wave of the upswing. If the calculation is correct, the continued rebound to the $0.95 area (marked with a green icon on the chart) means the end of the fourth and the beginning of the fifth wave. An upward move to the all-time high area would mean a 160% increase from the current price.
A close below the $0.95 area would mean that the trend has changed to bearish.
A close below the $0.95 area, however, would mean that the trend has changed to bearish. If that happens, a correction would take TomoChain to the $0.70 support level.
A correction would take TomoChain to the $0.70 support level.
Ocean Protocol (OCEAN) could break above long-term resistance
OCEAN has been under a descending resistance line since reaching an all-time high of $1.94 in April 2023. This line has existed for 829 days and the asset has made six unsuccessful breakout attempts so far (they are marked with red icons on the chart). As the resistance is getting weaker with each touch, its breakout is only a matter of time.
The resistance is getting weaker and weaker, its breakout is only a matter of time.
Source: TradingView
In addition, the price has been trading inside a descending parallel channel since early February. This pattern is considered corrective, so a breakout from it looks like the most likely scenario for further development of events. It is also consistent with multiple breakout attempts weakening long-term resistance.
.
But since the all-time high is more than 460% away from the current price, it will not be easy to reach it. A more reasonable target in the event of a bullish breakout would be the $1.
resistance area.