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AIOZ, BNB and TON – Altcoins with Potential for New All-Time Highs in May

Published May 8, 2024 8:54 AM
Valdrin Tahiri
Published May 8, 2024 8:54 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • AIOZ, BNB and TON have begun the fifth and final waves of their upward movements.
  • BNB is 17% away from its all-time high, TON is 31% while AIOZ is 40% away from it.
  • Will BNB be the first one to reach new highs, or can TON or AIOZ catch-up to it?

April was a bearish month for the crypto market. Bitcoin and the majority of cryptocurrencies were subject to significant declines. In the case of Bitcoin, the price reached its bottom on April 30, a 20% decrease relative to the price on April 1.

However, May started out in a positive note, leading to a significant bounce in its first week. AIOZ, BNB and TON have been some of the biggest altcoin gainers and are approaching their all-time high prices. Which will be the first to reach it?

AIOZ Price Breaks Out Above Resistance

The AIOZ price started a rapid rise in November 2023, increasing by 1,675% in less than a month. This was likely the first wave in a five-wave upward movement (white). Afterward, the decrease under a descending resistance trend line was part of the corrective wave two, which ended in February 2024.

A similar but more gradual upward movement marked the completion of wave three between February and March, followed by another correction under a different descending resistance trend line.

AIOZ  is in the process of breaking out from this trend line. If history repeats, this will mark the beginning of wave five.

AIOZ Price Wave Count
AIOZ/USDT Daily Chart | Credit: TradingView

Elliott Wave rules state that wave three cannot be the shortest out of waves one, three and five. Since wave three is already shorter than wave one, it cannot also be shorter than wave five. As a result, the upward trend can continue to a maximum of $5.44. A more likely level is at either $3.43 or $3.58, giving wave five 0.382/0.618 times the length of wave three.

Since the AIOZ all-time high is at $1.20, both these targets would lead to new highs.

Despite the bullish AIOZ price prediction, a close below the resistance trend line will invalidate the breakout. This will indicate the wave four correction is still ongoing.

BNB Approaches Triangle’s Endpoint

Similarly to AIOZ, the BNB price has likely begun the fifth and final wave of its increase. However, unlike AIOZ, wave three has been the longest and sharpest for BNB. In contrast, wave one was much more gradual and followed by a long correction.

Since the end of wave three in March, BNB has traded inside a symmetrical triangle, which is the most common pattern for wave four. The price is approaching the triangle’s endpoint, so a decisive movement outside of it is likely in the near future.

BNB Price Upward Movement
BNB/USDT 3-Day Chart | Credit: TradingView

If wave five has the same length as wave one, the BNB price will reach its top at $756. This would be an increase of 30%, well above the all-time high of $669. Conversely, breaking down from the triangle will mean that the wave four correction is still ongoing. In that case, BNB could fall to the next closest support at $440.

TON Bounce Completes Wave Four

Unlike the other two altcoins, TON reached its all-time high in March 2024. After an A-B-C correction (black), TON completed wave four on May 1, bouncing at the 0.382 Fibonacci retracement support level.

The price has increased since and is breaking out from a descending resistance trend line.

During the bounce, the RSI moved increased above 50 (green circle) and the MACD moved into positive territory. Both are signs associated with bullish trends.

TON Price All-Time High
TON/USDT Daily Chart | Credit: TradingView

A potential target for the top of wave five is at $9.50, created by the 1.61 external retracement of wave four.

Despite this bullish TON price prediction, falling below the resistance trend line will mean wave four is still ongoing. Then, TON could decline toward $4 before completing its correction.

Which Altcoin Will Reach its All-Time High First?

To conclude, all three of AIOZ, BNB and TON are likely to reach all-time highs in May or June. Given its close proximity to its peak and the potential for rapid acceleration upon a breakout, BNB is the most likely candidate to reach its all-time high first.

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