The price of Chainlink (LINK) showed several long-term bullish signs, namely a divergence and a pullback, as well as a bullish divergence in the week.
The price of Ocean Protocol (OCEAN) may break out of the long-term bearish resistance line, which could lead to a 200 percent rally. The DASH price lost a long-term support level. Due to this breakdown, a significant decline could occur in September, taking the price to its lowest level since 2017. August was a bearish month for the cryptocurrency market. Most of the altcoins continued the decline that started in mid-July.
However, altcoins have generally outperformed Bitcoin (BTC), as evidenced by the decline in the Bitcoin Dominance Rate (BTCD) August candlestick. With that in mind, BeInCrypto takes a look at September’s crypto predictions.
Chain Link (LINK) finally removes a long standing obstacle The price of Chainlink has been in a consolidation pattern since April 2022. During this period, the price traded below the bearish resistance line but above the horizontal support area at $5.70. It all probably ended in June when the price broke out of the $5.70 mark. But LINK reclaimed the territory soon after, suggesting the decline was just an aberration. It is a rising sign, often followed by an upward movement. The divergence was also associated with a sharp rise in the weekly Relative Strength Index (RSI). RSI is a momentum indicator used to identify overbought or oversold conditions and decide whether to accumulate or sell assets. Readings above 50 and an upward trend indicate that the bulls still have the advantage, while below 50 indicate the opposite.
A bullish spread occurs when price declines follow increases. It is a rising sign that often precedes an upward move, as with LINK. Therefore, the divergence warrants a deviation and a retracement, suggesting that an upward move will follow.
Later, the price of LINK reached the resistance line (red icons) for the fifth time, but was rejected. So far, the line has been in place for 483 days. Since the lines weaken each time they are touched, its possible breakage is the most likely scenario.
In this case, LINK could rise to at least the next resistance at $9 and possibly up to $13. This would add 50 percent and 115 percent. However, a break of the $5.70 area could trigger a 25% decline to the next closest support at $4.50. Ocean Protocol (OCEAN) may double in price OCEAN price, which peaked at $1.94 in April 2021, then fell below the bearish resistance line. This downward trend lasted for 882 days and the price made six unsuccessful attempts to break this trend line (red icons). Since trend lines tend to weaken with each touch, there is a higher probability that OCEAN will eventually deviate from this trend line and increase significantly. Since the beginning of February, the price has been moving in a falling parallel channel (white). This pattern is usually associated with corrective movements. So the most likely future scenario is a breach of this channel. This expectation is consistent with repeated breakout attempts weakening long-term resistance. Therefore, if the price of OCEAN breaks out of the channel and resistance line, it can rise at least 200%, reaching the horizontal resistance area of $1 in the process.
However, another rejection of the line could result in a 35% drop to $0.21 from the support line of the channel. DASH down 60% The price of DASH has fallen from a record high of $1,625 in December 2017.
After two years, it found support around the $40 level (green icon), leading the heart significantly lower and the start of an uptrend. However, in May 2021, the price of DASH declined again.
It finally broke below the $40 support level in July 2023 and hit a low of $23.86 on August 17. This was the lowest price since February 2017. The weekly Relative Strength Index (RSI) reinforces the ongoing downtrend. Typically, traders use the RSI as a momentum indicator to assess whether the market is overbought or oversold and decide whether to accumulate or sell assets.
If the RSI reading crosses 50 in an uptrend, it indicates that the bulls still have the advantage. Conversely, if the reading falls below 50, it indicates the opposite.
Currently, the RSI is below 50 (red icon) and falling, both bearish signs.If the decline continues, the nearest support area is $10, which represents a drop of almost 60% from the current price. Conversely, a return to the $40 resistance level would represent a 55% gain.
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