These four altcoins, which were ranked among the top cryptocurrencies in June, were able to hold onto the majority of their gains despite May being a gloomy month for the cryptocurrency market.
The altcoin market may experience significant growth in June. During this period, if the market experiences a rebound, some altcoins may recoup their prior losses and possibly hit new all-time highs.
Because of this, it’s an exciting moment for traders and investors to keep a close eye on market activity and seize any available possibilities. BeinCrypto examines four cryptocurrencies that might set new records in May:
Can TomoChain (TOMO) Maintain its Significant Growth?
Last week, the TOMO price experienced a significant surge, rising to a new yearly high of $2.55. The increasing trend, however, was short-lived. Instead, the TOMO price made a long upper wick (red icon), which is a sign of selling pressure.
The TOMO price also dropped below the $1.70 horizontal area, which is thought to act as resistance, as a result of the wick. There is no further resistance until the all-time high, which is close to $3.60, even though the divergence over the area is a definite negative indicator.
In light of this, if the TOMO price clears the $1.70 region, it may quickly rise toward this level and possibly set a new record high. If the rejection persists, though, the TOMO price can shift to the downside and drop to $1.
Price of Injective (INJ) Cryptocurrency Aims to Continue
Since the year’s commencement, the price of INJ has risen sharply. The rise looks as a white five-wave rising movement. In that case, INJ is now in the fifth and last wave of this growth. Elliott Wave theory is a tool used by technical analysts to recognize recurrent long-term price patterns and investor psychology, which aids in determining the trend’s direction.
If the count is correct, the INJ price will finish its fifth wave close to the $14 horizontal resistance region. This is the last resistance before it even though it is well below its peak. Therefore, if the price overcomes the $14 resistance, it may rise to a new record high.
This bullish INJ prediction will be invalidated, nevertheless, if the price drops below the wave one high (red line), which is $4.58. If so, the count would be negative, and the price might drop to $3.
Cryptocurrency RocketPool (RPL) Price Breaks Through Major Resistance
After reaching an all-time high of $65.32 on April 16, the RPL price had subsequently dropped beneath a declining resistance line. On May 12, the price fell to a low of $43.44. But as soon as it did, the price bounced, forming a bullish candlestick (green icon). It crossed over the descending resistance line the following day, indicating that the correction was finished.
Despite a modest decline since the breakout, the price on May 26 produced a higher low. The process of developing a bullish structure begins here. RPL’s price is anticipated to reach a new record high if it surpasses the $54.30 0.5 Fib retracement resistance mark. If it is denied, a decline to the $44 support area is anticipated.
The price of rootstock infrastructure (RIF) overcomes long-term resistance
Rootstock Infrastructure (RIF), the top cryptocurrency in June, rounds out the list. Since its $0.50 peak in January 2021, the RIF price had slid beneath a declining resistance line. Prior to the price reversing the trend and producing a breakout in January 2023, the decline sent the price to a new all-time low of $0.035 in November 2022. The line had been in place for 740 days prior to the breakout. Such long-term formations’ breakouts frequently result in large bullish trend reversals.
This was the case with RIF, which in March 2023 hit a brand-new yearly high of $0.22. The price has now dropped, however, as a result of a rejection from the resistance level of the 0.382 Fib retracement. The price, however, continues to trade above the $0.10 horizontal support region. The trend can be viewed as bullish as long as it continues to do so.
The next resistance, at $0.30, can be reached by the RIF price if it rises over the $0.22 Fib resistance. The price might fall to $0.04, though, if it closes below $0.10.