Are These 3 Altcoins Ready for All-Time High Earnings in January?
These altcoins have bullish-looking patterns and could hit new all-time highs in January.
December was a big month for the cryptocurrency market, with new annual highs for many altcoins. BeinCrypto takes a look at January's top altcoins that could hit new all-time highs.
Arbitrum (ARB) Parabola may be headed for a new high.
ARB price has risen with a parabolic upward support trend line since October. Recently, it confirmed the trendline on December 18 (green icon) and started the current uptrend.
So far, the price of ARB has cleared the $1.30 horizontal resistance area and has only $1.75 resistance left before the $1.82 high.
Technical analysts use Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of the trend.
The most likely number of waves indicates that the price is in the third wave of a five-wave upward movement (black). The third wave is extended, and the sub-wave count is displayed in white.
If the calculation is correct, the third wave will be 2.61 times the length of the first wave, which leads to a high of $2.25. This is almost 50% of the current price.
Despite this very high ARB price forecast, a close below the parabolic upward support trend line will invalidate the count. ARB price could then fall by 30% to the nearest support at $1.10.
Read more: What is Arbitrum (ARB)?
Optimism (OP) previous all-time high retests
OP's price reached an all-time high of $4.18 on December 27. After falling, it confirmed the previous all-time high resistance range at $3.10 as support (green icon). Such retests usually lead to a continuation of the upward movement in the initial direction.
Traders use the RSI as a momentum indicator to assess whether the market is overbought or oversold and whether to stock or sell an asset. If the RSI reading is above 50 and the trend is up, the bulls still have an advantage, but if the reading is below 50, the opposite is true. The RSI is rising and above 50, both bullish trend signals.
If the upward movement continues, the price of OP may reach the top of the long-term bullish parallel channel in place since June 2022.
Although this is a high OP price forecast, a weekly close below the $3.10 support will invalidate this bullish view. Then, OP could fall 45% to the nearest support at $2.
Read more: What is OP?
GMX Completes Top Altcoins of All Time
The price of GMX broke out from the downward trend line of resistance in October. Before the breakout, the trend line was in place from an all-time high.
After retracement and confirmation of the $42 level as support (green icon), the price rose. Additionally, the RSI has risen above 50 (green icon), thus supporting this trend.
GMX faces only one more resistance at $58 to a high of $92. So, if GMX closes above the area every week, it could increase by 70% to 90.
Despite this huge GMX price forecast, failure to close above $58 will trigger a retest of the $42 support, which would be a 17% decline.
Read more: How to buy GMX
Click here for BeInCrypto's latest crypto market analysis
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
