Top 5 Altcoins to Watch for Major Upgrades in September 2024
As September 2024 approaches, the cryptocurrency market is poised for significant changes that could greatly benefit altcoins. Here’s a detailed look at five altcoins that should be on your radar this month.
1. MakerDAO (MKR)
MakerDAO is undergoing a transformative shift with the introduction of its new stablecoin, USDS, and governance token, SKY, set to launch on September 18. This pivotal change is expected to drive demand for the current native token, MKR, which can be exchanged for 28,000 SKY tokens. Investors are likely to accumulate MKR in anticipation of profit-taking opportunities post-launch. Analysts predict that MKR’s price could rebound from its support level of $1,693, aiming to test the resistance at $2,188. With bullish sentiment surrounding this transition, MKR could potentially rise to $2,556.
2. Polygon (MATIC)
Polygon is also set for a significant transition, migrating its native token from MATIC to POL on September 4. This long-anticipated change will establish POL as the primary token for gas fees and staking. Following this transition, MATIC may begin to recover from its recent 26% decline, potentially reclaiming the $0.50 support level and reaching a two-month high. If successful, MATIC could push past $0.60, with a target of $0.75, although profit-taking may limit further gains.
3. EOS (EOS)
The EOS network is gearing up for its Spring 1.0 upgrade, introducing the new Savanna consensus algorithm. The stable release is scheduled for September 4, with a hard fork on September 25. This upgrade could positively impact EOS’s price, which recently experienced an 11% decline. To recover from its losses, EOS must first convert the $0.557 level into support. If the bullish momentum continues, EOS could surpass $0.605, initiating a potential rally.
4. THORChain (RUNE)
RUNE has recently bounced back from the bear market support floor at the 23.6% Fibonacci Retracement level, currently at $3.94. A successful bounce could propel RUNE past the multi-month resistance of $4.93. With a hard fork scheduled for September 4, while not introducing major changes, it could serve as a catalyst for RUNE’s price recovery. Should RUNE capitalize on this opportunity, a surge to $6.52 is feasible, contingent on flipping $4.93 into a support level.
5. Flow (FLOW)
Flow is preparing for its Crescendo network upgrade on September 4, marking its most significant upgrade since launch. This upgrade aims to integrate Flow into the broader web3 ecosystem, which could be the catalyst needed for FLOW to break free from its two-and-a-half-month consolidation below $0.70. A successful breach could see FLOW rise beyond $0.80. However, if this attempt fails, the asset may drop to $0.50, the lower limit of its current consolidation range, continuing its sideways movement and potentially invalidating bullish expectations.
In conclusion, September 2024 presents a promising landscape for these altcoins, each poised for significant upgrades that could lead to notable price movements. Investors should keep a close eye on these developments to capitalize on potential opportunities in the crypto market.