August was not particularly successful for the cryptocurrency market and especially for bitcoin (BTC) — by the end of the month, the main cryptocurrency sank significantly in price, dropping to a two-month low.
However, September could become more positive, at least for a number of altcoins that are charting bullish formations.
The editors of BeInCrypto analyzed four tokens that can update all-time highs in September.
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Wave Calculation May Bring OKB (OKB) to New Peak
The price of OKB has increased significantly since June 2021. This growth resembles a five-wave upward movement. If so, then the price is currently in the fourth wave, which is shaped like a symmetrical triangle.
Source: TradingView
If the asset breaks out of the triangle, the next resistance will be at $72.10, which is a new all-time high. The target is at the level of 1.61 Fibonacci and coincides with the projection of the length of the triangle on the point of its breakout (it is marked in white on the graph).
However, a break of the triangle and the $42 support area would mean that the trend remains bearish. In this case, the price may decline by 25% to the next support around $30.
Ocean Protocol (OCEAN) Shows Signs of a Breakthrough
After reaching an all-time high of $1.94 in April 2021, the OCEAN price fell below the descending resistance line that has existed for 829 days. During this time, the asset tried unsuccessfully to break above it six times. Since the line loses strength with each touch, the likelihood that the price will still go beyond this area increases.
Source: TradingView
In addition, since the beginning of February, Ocean Protocol has been trading within a descending parallel channel. (on the graph it is marked in white). This pattern is usually associated with corrective movements, so the most likely scenario for further developments is a breakout from this channel.
However, reaching the previous peak will be a challenge given the significant difference of more than 500% between the all-time high and the current price. A more realistic target after a successful breakout would be the $1 resistance zone.
Bitcoin Cash (BCH) completes the correction phase
BCH started an upward movement in November 2022. After making a higher low in June 2023, the price accelerated its pace of growth, leading to a new yearly high of $329.
The entire upward movement looks like a five wave growth. If so, then Bitcoin Cash completed the fourth wave, bouncing off the support level of 0.618 Fibonacci (on the graph it is marked with a green icon) and confirming the support line of the descending parallel channel.
Source: TradingView
If the fifth wave materializes, BCH will break out of the descending channel and reach a new high of almost $400, which is 90% higher than the current price.
However, a close below the channel’s resistance line would indicate that the breakout was a false one. In this case, the Bitcoin Cash rate may fall by 35% to the nearest support at $140.
Toncoin (TON) may continue to rise in September
Since December 2022, the price of TON has been below the descending resistance line. Deviation from it in April 2023 (marked in red on the graph) was the catalyst for a sharp drop that led to a low of $0.96 on June 11.
Source: TradingView
However, after that, the price began to rise. After the initial rejection, Toncoin returned to the $1.35 horizontal area, confirming it as support.
Now the asset is trying to bounce off the descending resistance line. If successful, the price is likely to move towards the next horizontal resistance at $2.60, which is 50% higher than the current values.
However, in case of an unsuccessful attempt to break through, TON will face a 22% drop to the $1.35 support level.
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2023-09-03 14:52:00
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