Top 3 Altcoins to Watch for in September: Chainlink, Ocean Protocol, and DASH
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.
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