Be[In]Crypto looks at seven altcoins that show promise for Sept and the developments surrounding their respective projects.
Ranked by its market capitalization, Ethereum is the second largest cryptocurrency, trailing only Bitcoin (BTC). It allows users to build decentralized applications (dApps) on its blockchain. Furthermore, it facilitates smart contracts and allows for NFT transactions. Its native token is ETH.
Until now, Ethereum has utilized a proof-of-work consensus. This will all change on Sept 15, when Ethereum will transition to a proof-of-stake consensus. This is likely the most anticipated event of the year.
This update will set the stage for future upgrades on scalability, including but not limited to sharding. Additionally, it is possible that the upgrade will cause ETH to become deflationary after the merge.
After generating bullish divergence, ETH broke out from a descending resistance line. Now, the closest resistance area would be between $1,650 and $1,725.
BEAM is a decentralized finance (DeFi) platform that prioritizes anonymity. It runs on a combination of two blockchain protocols, LelantusMW and MimbleWimble. BEAM supports various types of transactions, such as atomic swaps and escrows.
The BEAM hard fork is expected to execute at block height 1,920,000 on Sept 2.
BEAM has been increasing alongside an ascending support line since May 12. While following this line, it bounced sharply on July 13, reaching a high of $0.33 the same day.
However, BEAM was rejected by the $0.275 area and has been decreasing since. As a result, it has nearly reached this support line once more.
Nevertheless, the bullish structure remains intact as long as the support line is in place.
Axie Infinity (AXS)
AXS has been trading inside an ascending parallel channel since June 13. More recently, it was rejected by the resistance line of the channel on Aug 13 (red icon) and has been falling since. Currently, AXS has bounced at the support line of the channel once more.
Despite the bounce, the middle of the channel (red circle) is expected to provide resistance and reject AXS once more.
EOS is an open-source blockchain platform. It aims to be the most scalable, divisible and programmable digital currency. The platform is powered by the EOS virtual machine. The native token for the platform is EOS, which has a current circulating supply of 999,350,058. The Mandel 3.1 consensus upgrade will launch on Sept 30.
EOS broke out from a descending resistance line on Aug 11. Afterward, it reached a high of $1.94 on Aug 22. However, the price has been decreasing since and has returned to the $1.40 horizontal support area once more. As a result, EOS is now trading in a range between $1.40 and $1.95.
- KAVA liquid staking
- KAVA earn : a yield aggregator
- MetaMask support for all KAVA transactions
- Protocol owned liquidity
KAVA has been following an ascending support line since May 12. So far, it has bounced on it four times (green icons), most recently doing so on Aug 29. KAVA created a large bullish candlestick on Aug 31. If the upward movement continues, the closest resistance area would be at $2.30.
Cosmos is a blockchain platform that aims to improve the interconnectivity of different blockchains by creating an ecosystem of connected blockchains. The platform also prioritizes scalability, since potential mainstream adoption would require it to cope with increased demand.
ATOM has been increasing alongside an ascending parallel channel since June 18. Such channels usually contain corrective movements, meaning that an eventual breakdown from it would be expected. Moreover, ATOM deviated above the $12.20 area before decreasing below it.
Currently, it is facing resistance from both the $12.20 area and the middle of the channel. If a breakdown from the channel occurs, the closest support area would be at $9.25.
Secret is a privacy-oriented blockchain built on Cosmos. It uses Secret contracts, which are a form of smart contracts that allow dApps to use private data on Secret.
SCRT has been falling since reaching a high of $1.59 (red icon) on Aug. 13. The downward movement has taken SCRT to the $1.10 horizontal support area, which also coincides with an ascending support line. A breakdown from this line/area would greatly accelerate the rate of decrease.