These altcoins have bullish-looking formations and could reach new all-time highs in March.
February was extremely bullish for the cryptocurrency market. New highs were seen across the board in Bitcoin (BTC) and several altcoins. BeInCrypto looks at the top altcoins for March that could hit new all-time highs.
Ocean Protocol (OCEAN) Begins Ascent Towards All-Time High
OCEAN’s price has increased since the start of 2023. Initially, it struggled to break out from a descending resistance trend line that existed since the all-time high. However, after five unsuccessful attempts, OCEAN finally broke out in October and has accelerated since.
This week, OCEAN reached a new yearly high of $0.88, with the wave count supporting the upward movement and breakout. Indeed, Elliott Wave theory identifies recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely count suggests OCEAN is in wave three of a five-wave upward movement. If the count is correct, the OCEAN price can increase to the next resistances at either $1.36 or $2.03. The first would give waves one and three a 1:1 ratio, while the second would give them a 1:1.61 ratio.
These would amount to upward movements of 50% and 120%, respectively, with the second constituting a new all-time high price.
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Author: Valdrin Tahiri
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