In the crypto market, September is characterized as a month of selling pressure and decline for Bitcoin. However, this period is expected to mark the beginning of change for the crypto market, which could initiate an important process for altcoins. Let’s examine three significant altcoin projects that could make a mark in September.
MAKER Chart Analysis
MakerDAO will gain a new identity and a new token. On September 18, the new stablecoin USDS and governance token SKY will be launched, signifying a major change for the network. This is expected to trigger a rise for the current native token MKR. Since MKR can be exchanged for 28,000 SKY tokens, investors may try to invest in MKR. This will likely start an important process to profit and eventually sell after SKY’s launch.
As a result, MKR’s price is likely to rise from the $1,693 support level and test the $2,188 resistance. The altcoin consolidated within this range throughout August. The potential rise from the transition could lead to an increase to $2,556.
MATIC Chart Analysis
Like Maker, Polygon will also transition its native token from MATIC to POL. This long-awaited move will replace the current native crypto asset with POL as the primary transaction fee and staking token. Following the transition on September 4, MATIC’s price may start to recover its recent 26% drop. This could result in the altcoin reclaiming the $0.50 support and reaching a two-month high.
This could lead to a rise above $0.60 for MATIC, taking it on a journey towards $0.75. However, surpassing this level is unlikely as a wave of profit-taking may prompt investors to sell their assets.
EOS Chart Analysis
EOS network will begin preparing for its next major upgrade, Spring 1.0. The hard fork is vital for the network as it will introduce the new consensus method, the Savanna algorithm. The stable release of Spring 1.0 is planned for September 4, with the hard fork scheduled for September 25. The anticipation of this upgrade could revive EOS’s price, which recently recorded an 11% drop in three days.
The drop in EOS’s price nearly erased the recovery recorded since the 23% selling pressure in July. For the altcoin to compensate for these losses, it will first need to turn $0.557 into support, which it has recently failed to do. Bullish market development could fuel this rise and push EOS above $0.605, initiating a rally.
September marks selling pressure and decline for Bitcoin.
MakerDAO and Polygon will introduce new tokens.
EOS prepares for a major upgrade with Spring 1.0.
