Although May was a bearish month for the crypto market, these four altcoins, predicted to be the top performing cryptocurrencies in June, managed to maintain the majority of their gains and even recorded gains. get positive performance.
June is likely to turn out to be a very important month for the altcoin market. If the market recovers during this time, some altcoins could recover previous losses and even hit new all-time highs.
This is an exciting time for traders and investors to closely monitor market developments and take advantage of potential opportunities. We look at four cryptocurrencies that could hit new all-time highs in June.
CAN TOMOCHAIN (TOMO) Maintain Its Massive Increase?
The TOMO price surged last week, reaching a new yearly high of $2.55. However, the upward movement cannot be sustained.
Instead, the TOMO price created a long upper wick, which is considered a sign of selling pressure (red symbol).
Furthermore, the wick has led the TOMO price to drop below the $1.70 horizontal zone, which is expected to provide resistance. While a deviation above the area is a decisive bearish sign, there is no resistance left until the all-time high near $3.60.
So, if the TOMO price breaks through the $1.70 area, it could quickly rally towards this area and possibly hit a new all-time high.
Weekly chart of TOMO/USDT. Source: TradingView.
However, if the rejection continues, the TOMO price could turn bearish and drop to $1.
INJECTIVE PRICE (INJ) PURPOSE CONTINUES INCREASE
INJ price has increased rapidly since the beginning of the year. The gain is similar to the upward movement of the five waves (white). If so, INJ is now in the fifth and final wave of this rise.
Technical analysts use Elliott Wave theory as a means of identifying recurring long-term price patterns and investor sentiment, helping them determine the direction of a trend.
INJ price will complete a fifth wave near the horizontal resistance zone of $14 if the counts are correct. While this level is significantly below its all-time high, it is the last prior resistance.
So, the price could move to a new all-time high if it breaks through the $14 resistance level.
Weekly chart INJ/USDT. Source: TradingView.
However, a drop below the high of the wave (red line) at $4.58 will invalidate this bullish INJ prediction. In that case, the token will drop and the price can drop to 3 USD.
ROCKETPOOL CURRENCY PRICE (RPL) BREAKING BIG RESISTANCE
RPL price has dipped below the descending resistance line since the all-time high of $65.32 on April 16. The drop led to a low of $43.44 on May 12.
However, the price immediately bounced up, creating a bullish candle (green symbol). The next day, it moved above the descending resistance line, showing that the correction was complete.
Although the price has fallen slightly since the breakout, it made a higher low on May 26. This was the first step towards creating a bullish structure.
RPL/USDT Daily Chart. Source: TradingView.
If RPL price breaks through the 0.5 Fib retracement resistance level of $54.30, it is likely to move to a new all-time high.
However, a drop to the $44 support area is expected if it is rejected.
ROOTSTOCK INFRASTRUCTURE (RIF) PRICE BECOME A LONG TERM
RESISTANCE
The Rootstock Infrastructure (RIF) price has dipped below the descending resistance line since the $0.50 high in January 2021. The drop led to a new all-time low of $0.035 in November 2022, before The price reversed the trend, causing the breakout in January.
Prior to the breakout, this line existed for 740 days. Breakouts from such long-term structures often lead to significant bullish trend reversals.
This was the case for the RIF, which hit a new yearly high of $0.22 in March 2023. However, the price has been falling since catalyzed by a rejection from the 0.382 Fib retracement resistance.
However, the price is still trading above the $0.10 horizontal support area. As long as it does so, the trend can be considered bullish.
RIF/USDT 3-day chart. Source: TradingView.
If the RIF price breaks through the $0.22 resistance, it can rally to the next resistance at $0.30. However, if the price closes below $0.10, a drop to $0.04 is probable.