“The Worst Has Not Come Yet” These 4 Altcoins May Fall to the Bottom in September!
August was a down month for the cryptocurrency market. This was evident in both Bitcoin (BTC) and various other altcoin projects. There is hope that the rise will reverse in September. However, crypto analyst Valdrin Tahiri says the worst is yet to come for 4 altcoins.
This altcoin dropped to its lowest price since 2017!
The DASH price has fallen since its all-time high of $1,625 in December 2017. Two years later, the price bounced at the $40 horizontal reinforcement area (green icon), forming a long lower wick. This started an upward movement. However, the DASH price entered a downward trend once again in May 2021. In July 2023, it finally broke through the $40 horizontal reinforcement area, reaching a low of $23.86 on August 17. This was the lowest price since February 2017.
The weekly RSI supports further declines for the altcoin. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and to decide whether to accumulate or sell an asset. If the RSI value is above 50 and the trend is towards the upside, the bulls still have the advantage. However, if the value is below 50, the opposite is true. The indicator is now below 50 (red icon) and falling. So both are signs of a downtrend. If the decline continues, the next closest support area will be $10. This will mean a 60% decrease from the current price. On the other hand, a return to the $40 resistance area would represent a 55% increase.
DASH Monthly Chart. Source: TradingViewALGO falls to all-time low
ALGO price has fallen since its November 2021 high of $2.99. The decline occurred quickly and without retreat, following a steep descending resistance line. More recently, this line resulted in a rejection in April 2023. Thereafter, ALGO broke out of the horizontal area at $0.11. Thus, it reached its all-time low of $0.08 on August 17. Subsequently, the altcoin failed to rebound and close above the $0.11 horizontal area. Moreover, it is still following the descending resistance line mentioned above.
As the price is at its all-time low, the external Fib retracement can be used to determine the next level of reinforcement. Doing so would lead to a resistance level of $0.072. This would represent a 25% drop measured from the current altcoin price. On the other hand, regaining the $0.11 area and breaking out of the long-term resistance line could lead to a 200% increase to the next resistance at $0.29. However, this is unlikely to happen at the moment.
ALGO Weekly Chart. Source: TradingViewThis altcoin price is approaching its all-time low
EOS price has fallen since forming a lower peak in June 2021. Over the past year, it has bounced around the $0.90 horizontal reinforcement area several times. But the breakout in June invalidated the validity of the underlying area. The decline fell to an almost all-time low of $0.50 on August 17. EOS has risen slightly since the bounce was largely worthless. The price is currently still 50% below the $0.90 horizontal area, which is expected to act as resistance.
Therefore, the most likely EOS price prediction is bearish. If EOS breaks down from the $0.50 horizontal area, it is possible to drop another 80%. Thus, it is likely to reach the next Fib resistance at $0.13.
EOS Weekly Chart. Source: TradingViewLast month of September Tezos (XTZ)
XTZ price has been trading within the $0.72 horizontal reinforcement area since the end of 2022. During this period, he jumped around the area three times (green icons). However, each jump was weaker than the previous one. This indicates that momentum is decreasing. It also shows that the bears are slowly taking control. Therefore, a recent breakout from the $0.72 area could occur soon.
The existence of a descending resistance line further supports this bearish altcoin price assumption. If XTZ declines, it is possible that it could decline by 30% to the next base at $0.50. This would be very close to the all-time low price of $0.48. On the other hand, a break from the resistance line will mean that the trend is upward. This is likely to lead to an 80% increase in the altcoin price to $1.25.
XTZ Weekly Chart. Source: TradingView
The predictions in the article are those of the analyst and are definitely not investment advice. cryptokoin.comWe strongly recommend that you do your own research.