July was a bearish month for the cryptocurrency market. This was especially noticeable in the case of Bitcoin (BTC), which fell sharply after reaching a new yearly high on July 13.
August has the potential to be a very important month for the altcoin market. The Bitcoin dominance rate (BTCD) has stagnated and could be in the initial stages of a downward movement. BeInCrypto looks at the top cryptos for August that could hit new all-time highs.
OKB (OKB) Price Wave Count Can Lead to New All-Time High
Since June 2022, the price of OKB has experienced a rapid increase which resembles a five-wave upward movement. If so, it is currently in wave four of this Elliott Wave count. Technical analysts use the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, aiding them in determining the trend’s direction.
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The presence of a symmetrical triangle in what could be wave four along with the shape of wave three support this wave count. If this interpretation is correct, OKB’s price is expected to break out from the triangle and surge towards the next resistance level at $72.10, setting a new all-time high price.
The target is found using the 1.61 Fib extension on wave four. This Fib method is often used when the price is close to an all-time high, meaning that there is no horizontal resistance left above the price.
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Author: Valdrin Tahiri
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