September: A Slightly Bullish Month for Crypto Market
The cryptocurrency market experienced a slightly bullish month in September, with an increase in the price of Bitcoin (BTC) towards the end of the month. However, as October begins, there are still three bearish cryptos that have a negative outlook, suggesting that the worst may be yet to come.
Apecoin (APE) Struggles to Stay Above $1
Apecoin (APE) has been facing a descending resistance trendline since April 12, which has been validated multiple times. The rejection on August 14 led to a new all-time low of $1.06 on September 17. Although the price has increased since then, APE has not yet reached the descending resistance trendline and is trading below the $1.40 horizontal area, which is likely to provide resistance.
The daily RSI (Relative Strength Index) does not provide clear direction for the future trend. The RSI reading is currently below 50, indicating an undetermined trend.
A breakout from the trendline could lead to a 65% increase to the next resistance at $2. However, if the price fails to clear the $1.40 resistance, it could decrease by 12% and fall to the $1.05 horizontal support area.
Chiliz (CHZ) Faces Long-Term Resistance
Similar to APE, Chiliz (CHZ) has been under a descending resistance trendline since the beginning of the year. The price reached a low of $0.055 on September 11 but has since bounced back. Currently, CHZ is approaching the main horizontal resistance at $0.065, which has acted as both support and resistance since June.
The daily RSI is bullish, moving above 50 and increasing. However, the proximity to the long-term descending trendline limits the potential for significant increases. A breakout above the $0.065 area could lead to a 23% increase to the descending resistance trendline at $0.077. On the other hand, a rejection from the $0.065 area may result in a 10% drop to the closest support at $0.057.
EOS Price Continues Bearish Trend
EOS has been experiencing a bearish trend since June 2021, with a recent rejection in April 2023 accelerating its rate of decrease. The price dropped from the $0.90 horizontal support area in June and reached a low of $0.50 in August.
The price has rebounded since then but remains below the descending resistance line. If EOS breaks down from the $0.50 area, it could experience an 80% drop and reach the next Fibonacci support at $0.12. However, if it breaks out, there is potential for a 50% increase to the $0.90 area.
Hot Take: Bearish Outlook for These Cryptos
Despite some bullish activity in September, Apecoin (APE), Chiliz (CHZ), and EOS still have negative outlooks heading into October. APE struggles to stay above $1 and needs to clear resistance levels to see significant increases. CHZ faces long-term resistance but has some bullish momentum indicated by the RSI. EOS continues its bearish trend and may experience further drops if it fails to break out from key levels.
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