These altcoins have bullish-looking formations and could reach new all-time highs in January.
December has been a bullish month for the cryptocurrency market, with new yearly highs for several altcoins. BeInCrypto looks at the top altcoins for January that could hit new all-time highs.
Arbitrum (ARB) Parabola Can Lead to New High
The ARB price has increased alongside a parabolic ascending support trend line since October. More recently, it validated the trend line on December 18 (green icon) and began the current upward movement.
So far, the ARB price has cleared the $1.30 horizontal resistance area and has only the $1.75 resistance left before the all-time high of $1.82.
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely wave count suggests that the price is in the third wave of a five-wave upward movement (black). The third wave has extended, and the sub-wave count is shown in white.
If the count is correct, the third wave will be 2.61 times the length of wave one, leading to a high of $2.25. This is nearly 50% above the current price.
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Author: Valdrin Tahiri
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