Top 3 Altcoins to Watch for in September: Chainlink, Ocean Protocol, and DASH - COINTURK NEWS
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Top 3 Altcoins to Watch for in September: Chainlink, Ocean Protocol, and DASH

8:15 pm (97 days ago)
September 4, 2023

The cryptocurrency markets have not had a good August, and September has historically been a month of significant losses. However, current technical readings are indicating oversold signals for many altcoins. From this perspective, cryptocurrencies with potential for recovery could experience up to 200% gains. Three altcoins stand out for September.

Chainlink (LINK) Price Target

Chainlink‘s price has been stuck in a consolidation pattern since April 2022. During this period, the price traded below a declining resistance line but above the support area of $5.70. The divergence formed after the recent drop indicates the possibility of an upward movement in September.

The divergence is also accompanied by a strong bullish divergence in the weekly Relative Strength Index (RSI). A bullish divergence occurs when a price decrease is accompanied by an increase in momentum. It is often a bullish signal that precedes upward movements, as seen in LINK. Therefore, the divergence validates the correction and suggests a subsequent upward movement.

September predictions indicate that the price of LINK Coin could test the $9 resistance. The next target is at $13. However, closing below $5.70 could lead to a 25% loss towards $4.50.

Ocean Protocol (OCEAN)

Among the promising altcoins for September is Ocean Protocol (OCEAN). Since reaching a peak of $1.94 in April 2021, OCEAN’s price has fallen below a declining resistance line. This downtrend has continued for 882 days, and the price has made six failed attempts to break above this trendline. Such repeated tests of resistance indicate a potential upward breakout in the near future.

Since the beginning of February, the price has been moving within a descending parallel channel. This formation is typically associated with corrective movements. Therefore, the most likely future price scenario is a breakout from this channel. This expectation is consistent with repeated breakout attempts weakening the long-term resistance.

As a result, in a positive scenario, the price could test the $1 resistance area with a 200% increase. In the opposite scenario, a 35% decline to $0.21 is possible.

DASH Coin Price Could Decline

DASH’s price has experienced a decline from its all-time high of $1,625 in December 2017. After two years, the price found support at $40 and started its upward movement. By July 2023, the price returned to the $40 support after years. The weekly Relative Strength Index (RSI) confirms the ongoing downtrend.

This time, we may witness a deeper bottom scenario. If the decline continues, the nearest support area is at $10, with resistance at $40.

Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.

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