DASH Falls to Lowest Price Since 2017
– DASH price has fallen since its all-time high of $1,625 in December 2017
– The price bounced at the $40 horizontal support area, but reversed bearishly in May 2021
– On August 17, DASH reached a low of $23.86, the lowest price since February 2017
– The weekly RSI is below 50 and falling, indicating a bearish trend
– The next support area is at $10, a drop of 60% from the current price
Algorand (ALGO) Falls to All-Time Low
– ALGO price has fallen since its high of $2.99 in November 2021
– The decrease has been swift, following a steep descending resistance line
– ALGO reached a new all-time low of $0.08 on August 17
– The next support level is at $0.072, a drop of 25% from the current price
– Reclaiming the $0.11 area and breaking out from the resistance line could cause a 200% increase
EOS Price Approaches All-Time Lows
– EOS price has fallen since creating a lower high in June 2021
– The June breakdown invalidated the $0.90 horizontal support area
– EOS reached a near-all-time low of $0.50 on August 17
– The price is still 50% below the $0.90 area, which is expected to act as resistance
– A breakdown from the $0.50 area could lead to an 80% decrease to the next Fib support at $0.13
Tezos (XTZ) Concludes Bearish Cryptos
– XTZ price has traded inside the $0.72 horizontal support area since the end of 2022
– Each bounce inside the area has been weaker than the previous one, indicating waning momentum
– A breakdown from the $0.72 area could occur soon
– If XTZ breaks down, it could fall by 30% to the next support at $0.50
– A breakout from the resistance line could lead to an 80% price increase to $1.25
Hot Take
The cryptocurrency market experienced a bearish month in August, with several coins, including DASH, ALGO, EOS, and XTZ, showing negative outlooks. These coins have fallen to significant lows and are facing resistance in their attempts to rebound. The bearish trends are supported by technical indicators such as the RSI and descending resistance lines. While there is hope for a bullish reversal in September, it is crucial for crypto readers to closely monitor these coins and be prepared for further decreases.
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