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August was a bearish month for the cryptocurrency market. This was evident in both Bitcoin (BTC) and various other altcoins. While there is hope that the bullish trend will begin in September, the three bearish cryptocurrencies have a negative outlook, indicating that the worst may not be over yet.
Dash (DASH)
The price of DASH has dropped since reaching its all-time high of $1,625 in December 2017. Two years later, the price bounced off the $40 horizontal support area, forming a long lower wick and initiating an upward movement. However, the DASH price once again showed a bearish trend in May 2021. It broke below the $40 horizontal support area in July 2023 and dropped to $23.86 on August 17th. This level was the lowest price since February 2017.
Algorand (ALGO)
The price of ALGO has dropped since its highest level of $2.99 in November 2021. The decline occurred rapidly and without a significant pullback after a steep resistance line. More recently, the trend was rejected in April 2023. Then ALGO broke below the $0.11 horizontal area and reached its all-time low of $0.08 on August 17th. Furthermore, ALGO has failed to bounce and close above the $0.11 horizontal area. It is still following the descending resistance line mentioned above.
Eos (EOS)
The price of EOS has dropped since forming a lower peak in June 2021. Throughout the past year, it has bounced off the $0.90 horizontal support area several times. However, the June dump invalidated the validity of the support area. The drop reached nearly the all-time low of $0.50 on August 17th. Since then, EOS has slightly increased, but it is still below 50% of the $0.90 horizontal area, which is expected to act as resistance. Therefore, the most likely price prediction for EOS is in a bearish direction. If EOS breaks below the $0.50 horizontal area, it could drop by 80% and reach the next Fib support at $0.13.
