Most crypto tokens spend around 70% of their lifetime below launch price, with retail investors losing heavily on token listings, according to a new Delphi Consulting report. | Credit: CCN.com
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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.
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.
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
