APT, OCEAN And GT Eye All-Time Highs in April
Will These Altcoin Reach New All-Time Highs in April? | Credit: Veronica Cestari
Key Takeaways
- APT, OCEAN , and GT are all close to reaching new all-time highs.
- APT reached its all-time high in 2023 while OCEAN and GT did in 2021.
- Which of these tokens will reach new all-time highs in April?
A significant number of cryptocurrencies reached new all-time highs in March, including Bitcoin. However, most of the market has been mired in a correction since March 14.
Several altcoins have retraced most of their correction and some have even reached new yearly highs. APT, OCEAN, and GATE are nearing their all-time highs and can potentially break them in April.
Will APT Break Its Final Resistance?
The APT price increased alongside an ascending parallel channel starting in October 2023. After consolidating it for over six months, the price finally broke out in March 2024.
This week, it reached a high of $19.36 before falling. The high was only slightly below the all-time high price of $20.40.
Despite the rejection, the breakout from the channel indicates the upward movement is impulsive. This possibility is also supported by the fact that the weekly RSI crossed above 70 during the breakout (green icon).
It is likely that the increase is part of wave three in a five-wave upward movement. Wave three extended to 1.61 times the length of wave one. While it is possible that it came to an end and the price is now in a corrective wave four, the long-term trend is likely bullish.
Once APT begins wave five, it can increase by 45% to the next target at $24.80, reaching a new all-time high in the process.
Conversely, breaking down back inside the channel will invalidate this bullish outlook and suggest the top is in.
OCEAN’s Wave Count Gives a Bullish Outlook
The OCEAN price increased significantly this week, likely as a result of the merger with other AI tokens such as FET and AGIX. This caused a breakout from the $1.20 horizontal resistance area and a high of $1.67. OCEAN’s all-time high price of $1.94 was reached in April 2021.
The wave count for OCEAN is similar to that of APT. The price is likely in the final sub-wave (black) of wave three (white).
There is a confluence for a potential top between $1.96 – $2.05, created by giving wave three 3.61 times the length of wave one (white) and sub-wave five the same length as sub-waves one and three (black).
While there is a bearish divergence developing in the 3-day RSI, this could manifest at the top of the long-term wave three, beginning the corrective wave four.
This bullish prediction will be rendered invalid with a close below $1.20, which would mean that the corrective wave four has started.
GT Price Approaches $10
GateToken is the native token of the centralized exchange Gate.io. The GT price has increased swiftly since breaking out from a descending resistance trend line and validating it as support on January 2024 (green icon).
GT broke out from the $8 horizontal resistance area this week and reached a high of $11.47, just below the all-time high price of $13.12.
Similarly to both APT and OCEAN, GT is likely in wave three of a five-wave upward movement.
A potential target for the high is at $13.46, created by the 3.61 extension of wave one. However, it seems that GT has already started sub-wave four, which is corrective. So, a more accurate target can be determined once wave four is complete.
The extremely overbought RSI indicates that the price is approaching a major top, but the lack of bearish divergence suggests it is not there yet.
A close below $8 will invalidate the bullish prediction.
All three of APT, OCEAN & GT have bullish wave counts that suggest new all-time highs are expected. While short-term corrections could occur, the altcoins are well positioned for further increases in April.
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