September is a month witnessing strong corrections that make the market crypto bleeding. Bitcoin (BTC) reduced 8% and only three altcoin has a triple digit growth rate. This is in stark contrast to August with more than 10 altcoin do this.
The top ten altcoin gainers in September are:
- Celer Network (CELR) : 196%
- Coti (COTI) : 101%
- DigitalBits (XDB) : 100%
- OMG Network (OMG) : 89%
- Cosmos (ATOM) : 49%
- Algorand (ALGO) : 43%
- Hedera Hashgraph (HBAR) : 27%
- Solana (SOL) : 26%
- Near Protocol (NEAR) : 25%
- IOST (IOST) : 22%
CELR has been rising along with a parabolic ascending support line since July 20. This resulted in a new all-time high of $ 0.198 on September 16.
The high was made above the 1.61 external Fib retracement resistance level of $0.155 but below the 2.61 resistance at $0.24.
Although the altcoin has fallen since then, it is still trading above the parabolic support line. Moreover, technical indicators have not yet turned downtrend.
If CELR manages to regain the $0.155 area, it will likely head towards $0.24.
Next is COTI, this altcoin has been on the rise since breaking out of the parabolic ascending support line and confirming it as support later on September 7 (green symbol).
On September 23, it broke out of the $ 0.48 resistance area and confirmed it as support. The uptrend continued and resulted in a new all-time high of $ 0.68 on September 29.
MACD and RSI are both going up.
If COTI continues to rise, the next resistance will be $ 0.91. This is the Fibonacci retracement resistance level outside 1.61.
XDB has been increasing since the beginning of July. On September 15, it hit an all-time high of $0.69. The high was made just above the 4.618 external Fib retracement level when measuring the most recent decline. This level often acts as a top for bullish impulses.
The technical indicators are gradually turning bearish, as both the RSI and the MACD are bearish, the former having just dropped below 50.
If this altcoin continues to fall, the nearest support will be $ 0.28. This is the 0.618 Fib retracement support and coincides with an ascending support line since the July lows.
OMG is an altcoin that has been rising along with an ascending support line since July 20. On September 6, it hit a high of $10.30 but failed to break above the 0.618 Fib retracement resistance at 10. .60 dollars.
After several unsuccessful attempts, it finally broke out on September 30. The breakout was supported by both the RSI and the MACD, they are turning up.
The next resistance area is $ 15.33.
ATOM has been rising along with a parabolic ascending support line since June 21. The upward movement has resulted in a new all-time high of $ 44.80 on September 20.
The high was made at the 1.61 outer Fib retracement level (black) and 1.61 wave lengths 1-3 (orange). This is the level that is likely to end the uptrend.
Furthermore, the altcoin seems to be in the process of breaking out of the parabolic ascending support line, which would confirm that the uptrend is over.
ALGO has been on the rise since breaking out of a descending wedge on Aug. 8. The upward movement has followed an ascending support line.
On September 13, the altcoin hit an all-time high of $2.55. The high was made just above the 1.61 external Fib resistance. Since then, the token has moved downwards and has dipped below the $ 1.80 horizontal area.
The nearest support zone is $ 1.30, which coincides with the ascending support line.
HBAR has been moving up since breaking out of a descending parallel channel and confirming it as support on September 7 (green symbol). This resulted in a new all-time high of $0.574 on September 16.
HBAR has been moving lower since then, a drop also supported by a falling MACD.
It has now bounced off the 0.618 Fib retracement support at $0.30 and is likely to start a short-term uptrend.
However, it is possible that the long-term trend has turned bearish.
SOL has been on the rise since June 2. The upward movement accelerated in July and the token reached a new all-time high price of $216 on September 9.
Similar to XDB, the high was made very close to the 4.61 external Fib retracement level, which often acts as a top for upward movements.
Therefore, it is possible that the uptrend of SOL has ended.
NEAR has been up since July 21. On September 7, it broke out of the $ 7.40 resistance area and went on to hit an all-time high of $ 11.88 on September 9.
However, the token has been going down since then and has dipped below the $ 7.40 area, which is expected to act as support.
The next nearest support is $ 5.50. This is both a 0.618 Fib retracement support and a horizontal support area.
Both the RSI and the MACD are turning down, supporting the continuation of the downtrend.
The IOST has been rising along with the ascending support line since July 20. This resulted in a peak of $ 0.087 on September 9.
The token has been falling since then, in a downtrend supported by falling MACD and RSI.
However, it has reached the ascending support line once again. As long as the support line is in place, the bullish structure remains intact.