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KAS and BNB — Two Cryptocurrencies That Can Reach New All-Time High Prices in June

Last Updated June 4, 2024 11:20 AM
Valdrin Tahiri
Last Updated June 4, 2024 11:20 AM

Key Takeaways

  • KAS broke out from a descending resistance trend line and is nearing its all-time high.
  • BNB will confirm the start of wave five with a breakout from its ascending triangle.
  • Will these cryptocurrencies reach new all-time high prices in June?

The cryptocurrency market fell in April but started a bullish trend reversal in May. Cryptocurrencies with large market capitalizations such as Bitcoin and Ethereum increased by 10% and 23%, respectively. The first week of June also started bullishly.

With this in mind, we will take a look at two cryptocurrencies that have bullish formations and can increase to new all-time high prices in June.

Kaspa Nears All-Time High After Breakout

The Kaspa  price has increased since May 1, when it fell to a low of $0.10. The upward movement triggered a breakout from a descending resistance trend line two weeks later.

Since the trend line had existed since the all-time high, the breakout was a sign the correction is over.  The KAS price has increased by nearly 50% since.

Coinciding with the breakout, the daily RSI and MACD moved above 50 and 0, respectively. This legitimized the breakout and implied the upward trend can continue.

On June 3, KAS broke out above the 0.618 Fibonacci retracement resistance at $0.156, the final resistance area before a new all-time high.

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

The wave count also supports the upward trend. According to it, the KAS price is in the fifth and final wave (black) of its upward movement that started in May 2023.

If the upward trend continues, the next resistance will be at $0.243. The 1.61 external Fibonacci retracement of wave four creates this area. Giving wave five the same length as waves one and three combined leads to a slightly higher target of $0.279.

As a result, the entire $0.243-$0.279 region is suitable for a new all-time high.

BNB Price Approaches Triangle Breakout

The BNB price reached its yearly high of $645 on March 16, but has consolidated inside an ascending triangle pattern since. The ascending triangle is considered a bullish pattern, meaning a breakout from it is the most likely future price scenario.

The wave count aligns with this reading, since it indicates the triangle is part of wave four in a five-wave increase (white). Wave four commonly creates triangle patterns, The sub-wave count is in black.

BNB Price Triangle Breakout
BNB/USDT 2-Day Chart | Credit: TradingView

The BNB price today attempts to break out from the triangle. If successful, the first target for wave five is at $800, found by giving wave five the same length as wave one. This would be a new all-time high.

A breakdown from the triangle will invalidate this bullish prediction and could trigger a drop to $520.

BNB and KAS to Reach New All-Time Highs in June

KAS & BNB are two cryptocurrencies that are likely to reach new all-time high prices in June. Since KAS has already broken out from its main resistance area, it can reach a new all-time high before BNB. The rate of increase for the latter can accelerate once it breaks out from its ascending triangle pattern.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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