Top Cryptos for September: Potential All-Time Highs
In August, the cryptocurrency market experienced a bearish trend, with both Bitcoin (BTC) and altcoins seeing significant decreases since their yearly highs in July. However, despite this overall market trend, there are some altcoins that show potential for bullish formations and could reach new all-time highs in September. Let’s take a closer look at four top cryptos to watch:
OKB Price Wave Count Supports New All-Time High
- The OKB price has been on the rise since June 2021, resembling a five-wave upward movement.
- Currently in wave four of the Elliott Wave count, it has formed a symmetrical triangle, which is a common shape in this wave.
- A breakout from the triangle could lead to a new all-time high price of $72.10, 70% above the current price.
- However, a breakdown from the triangle and the $42 support area would indicate a bearish trend.
Ocean Protocol (OCEAN) Shows Signs of a Breakout
- OCEAN price has been in a downward trend after reaching its all-time high in April 2021.
- Multiple unsuccessful breakout attempts from a descending resistance line suggest a higher likelihood of eventually breaking out.
- Trading within a descending parallel channel, a breakout from this pattern is the most probable future scenario.
- A successful long-term breakout could lead to a target price of $1, 215% higher than the current price.
Bitcoin Cash (BCH) Clears Corrective Pattern
- BCH price has been on an upward movement since November 2022, with a new yearly high of $329.
- A five-wave increase pattern suggests the completion of wave four, supported by a bounce at the 0.618 Fib retracement level.
- A breakout from the descending channel could lead to a high of nearly $400, a 90% increase from the current price.
- A close below the channel’s resistance line would invalidate the breakout, potentially causing a 35% price drop.
Toncoin (TON) Could Cruise in September
- TON price has been under a descending resistance line since December 2022.
- After a sharp fall, TON reclaimed the $1.35 support and is attempting to break out from the resistance line.
- A successful breakout could lead to a target price of $2.60, a 50% increase from the current price.
- If the breakout fails, the price could drop by 22% to the $1.35 support.
Hot Take
Despite the bearish trend in August, there are several altcoins that show potential for bullish movements and new all-time highs in September. OKB, Ocean Protocol, Bitcoin Cash, and Toncoin all have favorable technical indicators that suggest the possibility of upward price movements. However, it’s important to keep an eye on key support and resistance levels to determine the validity of these predictions. As always, do your own research and consider your risk tolerance before making any investment decisions.
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