These Cryptos Can Reach New All-Time High | Credit: Derek Fenech
Key Takeaways
- PENDLE, SUI, ARKM, and TRAC are four cryptos with potential for new all-time highs.
- All four have completed various corrective structures or have bounced at support levels.
- Which one of these has the highest chance of reaching a new all-time high in October?
September was a bullish month for the cryptocurrency market. Most cryptos created higher lows at the beginning of the month and have been on a sustained upward trend since.
Some cryptocurrencies have posted even higher rates of increase, approaching their all-time highs in the process. Let’s take a look at their price movement and determine if these cryptos can reach a new all-time high in October.
PENDLE Price Could Break Out
The PENDLE price has fallen since its all-time high of $7.54 in April. The decline culminated with a low of $1.78 on Aug. 4. However, the price began an upward movement almost immediately afterward and has nearly broken out from a descending resistance trend line.
The 3-day RSI has already broken out above 50. Oftentimes times a price breakout follows an RSI breakout, so PENDLE may also clear its descending resistance trend line.
Additionally, the decline resembles a completed A-B-C corrective structure. If this is the case, PENDLE will increase to a new all-time high, targeting the next resistance at $11.10. The 1.61 external Fibonacci retracement of the correction creates this target.
SUI Approaches Highs
The SUI price broke out from a descending parallel channel in August. After validating it as support twice (white icons), SUI increased above the $1.32 resistance area. This is the final horizontal and Fibonacci resistance area before the all-time high price of $2.18.
Read More: SUI Price Prediction for 2024: SUI Price Analysis
While the RSI and MACD are overbought, both are increasing and neither has generated any bearish divergence. So, the SUI price may reach its all-time high, possibly moving to the 1.61 Fibonacci retracement at $3.25.
ARKM Completes Correction
The ARKM price has decreased under a descending resistance trend line since March. The decrease took the shape of an A-B-C correction structure, which ended with a low of $0.75 in August.
Shortly afterward, the ARKM price broke out from the trend line, confirming the correction was over. Since the price increased above the wave A low, it is likely the ensuing increase is impulsive.
The fact that a bullish divergence in the 3-day RSI preceded the breakout further increases its legitimacy. If the price continues to increase, the next resistance will be at $2.65.
However, if the long-term correction is over, the ARKM price could gradually move toward a new all-time high.
TRAC Breaks Out
The final low-cap crypto for October is TRAC. The TRAC price has declined since the yearly high in March, and most of the movement is contained inside a descending parallel channel.
The price movement is very similar to CELO in the sense that both bounced a long-term horizontal support levels before breaking out. However, TRAC broke out from a channel instead of a trend line and did not salvage a breakdown toward new all-time lows.
Similarly to both CELO and ARKM, a bullish divergence in the 3-day RSI preceded the breakout.
If the increase continues, the main resistance area will be between the 0.5-0.618 Fibonacci retracement resistance levels at $1-1.13. However, the TRAC price could increase toward the high of $1.54.
Cryptos Could Reach All-Time Highs
Pendle, ARK, and TRAC all have various bullish developments in long-term time frames, suggesting that they have started bullish trend reversals. As a result, all four cryptos could increase significantly in October, possibly reaching new all-time highs.
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