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Bitcoin’s dominance is still rising, but if the price enters a consolidation phase, altcoins could realize their bullish potential.
The BeInCrypto editorial board analyzed three tokens that could hit all-time highs in July.
Stacks (STX) is ready to rise
Stacks (STX) has seen significant gains since the beginning of the year. The upward movement looks like a completed five-wave structure (black), which means the STX price has begun a new bullish trend reversal.
After renewing its yearly high at $1.31, the STX declined for 82 days and bottomed in area at $0.44 on June 10. Immediately after that there was a bounce which brought the STX back above $0.55 and voided the previous breakout.
This kind of spills and returns often lead to pronounced uptrends.
So the STX price is expected to have a new five-wave growth phase, which could lead it to the historical high of $3.
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STX/USDT daily chart. Source: TradingView
If the price of STX cannot rise above the Fibonacci retracement level of 0.5 at $0.87, it will fall again to $0.55
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A bullish outlook will take Injective (INJ) to new heights
INJ has risen significantly since the beginning of the year. This upward movement can be compared to a five-wave pattern (black) with the altcoin price in the third wave.
Technical analysts use Elliott Wave Theory to identify repeating long-term price patterns which help determine the trend direction.
The sub-waves highlighted in white indicate that INJ has just started its fifth and last sub-wave.
If our calculation is correct, INJ will complete its third wave near $14, which acts as horizontal resistance.. Although that level is below the previous high, it is the only thing separating the coin from a new record.
<So once it overcomes the resistance at $14, it will make a new high.. This area will coincide with the completion of the fifth wave.
INJ/USDT daily chart. Source: TradingView
<If the price drops below the top of the first sub-wave (marked with a red line) at $4.58, the optimistic forecast for the INJ will have to be abandoned.
In that scenario, the bearish outlook will activate and price may fall to $3.0.
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Will Aptos (APT) begin path to recovery
The price of Aptos (APT) has been holding under the descending resistance line for the last 154 days. Thus, the trend is bearish until the price passes this mark.. Moreover, the APT price fell below the $8 horizontal area, which had previously supported it.
<At this stage, the price dynamic looks bearish, but APT is trying to break through the descending trendline, which is close to the former support at $8.. Thus, having broken the trend line, APT is likely to recover above $8.
In that case, the only resistance before the historical high of the altcoin will be the level of $13.50.
<In this case, the only resistance before the historical maximum of the altcoin will be the level of $13.50.
APT/USDT daily chart. Source: TradingView
However, if the breakout doesn’t occur, APT could pull back to $4.0.