The end of August finally brought the bullish sentiment of market participants to naught: Bitcoin (BTC) and other digital assets are greeting the new month in the “red zone”.
While some altcoins are showing signs of an imminent recovery, the worst may be yet to come for other cryptocurrencies. The editors of BeInCrypto analyzed four tokens that have a good chance of updating their minimums in September.
DASH price falls to lowest level since 2017
In December 2017, $DASH reached an all-time high of $1,625 and began to fall. Two years later, the asset price rebounded from the $40 horizontal support zone (marked with a green icon on the chart), forming a long lower wick and beginning an upward movement.
However, in May 2021, the initiative again passed to the bears. In July 2023, DASH finally broke away from the $40 horizontal support zone, reaching a low of $23.86 on August 17. This was the lowest price since February 2017.
The weekly RSI supports continued decline. The indicator is below 50 and falling - both are considered a sign of a bearish trend.
If the downward movement continues, the nearest support area will be at $10, which is 60% less than the current price. On the other hand, a return to the $40 resistance area would represent a 55% increase.
Algorand (ALGO) dropped to a historical low
Price$ALGO began to plummet after reaching a high of $2.99 in November 2021. In April 2023, the asset made an unsuccessful attempt to break above the long-term descending resistance line, after which it fell below the $0.11 horizontal area and updated its all-time low of $0.08 on August 17.
You can use the Fibonacci grid to determine the next support. The 1.618 level coincides with the $0.072 mark, which is 25% lower than the current price.
A return to the $0.11 area and a break above the long-term descending line could lead to a 200% rally to the next resistance at $0.29. However, at present this seems unlikely.
EOS Chart Hints at a Bearish Scenario
The EOS price has been falling since setting a low high in June 2021. It bounced off the $0.90 horizontal support area several times over the past year, but a breakout in June confirmed its legitimacy and led to the all-time low of $0.50 on August 17.
Although the asset has since recovered some of the decline, its price is still 50% below the $0.90 horizontal area, which is now expected to act as resistance.
If EOS breaks below the $0.50 horizontal area, it could fall another 80% and reach the next support at $0.13.
Tezos (XTZ) crashes
$XTZ trading inside the horizontal support area of $0.72 from the end of 2022. During this time, he bounced inside this area three times. However, each bounce was weaker than the previous one - this indicates a weakening momentum and suggests that the bears are gradually gaining the upper hand.
The presence of a descending resistance line further confirms this negative forecast. In case of a breakout, the Tezos price could fall by 30%, reaching the next support at $0.50. This will be very close to the all-time low of $0.48.
However, breaking through the resistance line and consolidating above it will mean that the trend has changed to bullish and could lead to a price increase of 80% to the $1.25 level.
