Cryptocurrency analysts have identified four cryptocurrencies that will collapse in September

! Not financial advice — ed.

Cryptocurrency market analysts say August was a bearish month for the crypto industry. This was obvious to both bitcoin holders BTC $56,457.80 Bitcoin -2.47% Market capitalization $1.11 trillion VOL. 24 hours $4.48 billion and investors in altcoins. And while there is hope that a bullish reversal will begin in September, experts have identified four bearish crypto assets.

DASH fell to its lowest price since 2017

The DASH rate has fallen from its historic high of $ 1,625, which was recorded in December 2017. However, in May 2021, the price of the coin turned bearish again. In July 2023, it finally broke off the horizontal support zone of $ 40, hitting a low of $ 23.86 on August 17. This was the lowest price since February 2017.

If the drop continues, the next immediate support area will be at $ 10, which is a 60% drop from the current price. On the other hand, a return to the $ 40 resistance zone would mean a 55% upside.

ALGO has fallen to a historic low

The price of ALGO has fallen from its high of $ 2.99 in November 2021. The decline was rapid and without correction. After that, ALGO broke out of the $ 0.11 horizontal area and reached a new all-time low of $ 0.08, which happened on August 17. After that, the coin follows the aforementioned descending resistance line.

Crypto industry analysts believe that a recovery of the $ 0.11 area and a breakout from the long-term resistance line could trigger a 200% rise to the next resistance at $ 0.29. However, such a forecast seems unlikely now.

EOS price is approaching an all-time low

The EOS rate has bounced off the horizontal support zone at $ 0.90 several times. However, crypto experts noted that the June breakout made this support zone invalid. The decline led to a drop to an almost historic low of $ 0.50, which was also recorded on August 17.

Although EOS rose slightly after the rebound, it did not significantly affect anything. The price is still 50% below the $ 0.90 horizontal area, which is now expected to act as resistance.

Therefore, the most likely forecast for the EOS price is bearish. If the cryptocurrency breaks out of the $ 0.50 horizontal area, the price could drop another 80% and reach the next support at $ 0.13.

Tezos (XTZ) ends bearish cryptocurrency trend

XTZ has been trading inside the $ 0.72 horizontal support area since late 2022. During this time, it has bounced off it three times, but analysts note that each bounce was weaker than the previous one. Thus, the area at $ 0.72 may be broken through in the near future.

The presence of a descending resistance line further supports the bearish outlook for the XTZ price. If the virtual coin does break down, the price could fall by 30%, reaching the next support at $ 0.50. This would be very close to the historical low of $ 0.48. On the other hand, a breakout from the resistance line would mean that the trend is bullish and could lead to an 80% increase in price to $ 1.25.