5 Altcoins With Potential To Hit New ATH in September 2024
Many altcoins have struggled to maintain a positive trend throughout this cycle, leading to only a few achieving new all-time highs (ATHs).
However, as we approach the last month of Q3 2024, some cryptocurrencies are showing signs that they might exceed their previous highs. This analysis focuses on the top five altcoins that could potentially reach new ATHs and explains the reasons for this optimistic forecast.
1. Kaspa (KAS)
KAS Price:$0.16
Market Cap: $4.06 Billion
Kaspa cryptocurrency was launched in 2021 by implementing the GHOSTDAG protocol, working on blockDAG for fast confirmation and high block rates. Kaspa is operating on the Proof-of-Work (PoW) consensus mechanism like Bitcoin (BTC) and leads the list of altcoins with potential for new all-time highs. KAS has surged over 88,762% since the launch and 391% in the past 1 year. The price has Outperformed 88% of the top 100 crypto assets in 1 year including bitcoin and ethereum. Currently trading at $0.16, KAS has been setting new ATHs since June, up until August 1.
Looking ahead to September, CoinpediaMarkets expects KAS to continue its upward trend, with the potential to break past $0.20. For the last 22 days, KAS has been fluctuating between $0.15 and $0.17 on the daily chart, making the $0.15 level a key support point for the cryptocurrency. The Money Flow Index (MFI) for KAS is currently at 24.38, suggesting an oversold condition. The MFI gauges the flow of liquidity in and out of an asset, helping identify whether a cryptocurrency is overbought or oversold. A reading above 80.00 indicates an overbought condition, while a reading below 20.00 signals an oversold state, which may present a buying opportunity.
KAS is approaching the oversold level, which suggests that a significant bounce could be on the horizon. If the broader crypto market experiences downward, KAS might drop to $0.14.
2. Popcat Sol (POPCAT)
POPCAT Price: $0.6905
Market Cap: $676 million
Popcat, the third largest Solana memecoin has surged by 40.86% over the past week, delivering a staggering annual return of 4,156% for long-term investors. With a market cap of $676 million, this altcoin is currently ranked 86th and is experiencing increasing buying pressure, as indicated by the MACD. If this bullish momentum continues, POPCAT could reach a price of $0.9976. In the last 24 hours, its price has risen by 12.70% with a trading volume of $119.28 million, despite a 9% decline over the past 30 days.
The MACD shows a reduction in the red histogram, suggesting increased price activity for POPCAT. Additionally, the RSI indicates a bullish trend with a sharp rise on the price chart, pointing to a positive outlook for this memecoin. Additionally, Binance Futures adds support for POPCAT allowing trading 24/7, giving traders around the globe uninterrupted access to the markets.
If POPCAT stays above its resistance level of $0.6625, there is potential for bulls to test the $1 resistance level next month. Conversely, a bearish market could push its price down to $0.38805.
3. Binance Coin (BNB)
BNB Price: $542
Market Cap: $79.18 Billion
BNB, the 4th most valuable cryptocurrency was the first major altcoin from the 2021 bull market to reach a new all-time high in June. BNB has surpassed over 470,876% since its launch in 2018 and 150% in the past 1 year. Currently trading at $542, 24.95% below its all-time high.
BNB has formed a symmetrical triangle pattern in the weekly chart that indicates either a bullish or bearish trend, making it essential to examine other indicators. For BNB, BeInCrypto is looking at the 50-day Exponential Moving Average (EMA), which tracks the trend direction over a set period and may provide clues about the coin’s future movement.
When a cryptocurrency’s price is above its 50-day EMA, it suggests a bullish trend; if it’s below, the trend is considered bearish. Although BNB has recently seen a decline, it is currently trading above the 50 EMA (blue), which could support the potential for a new all-time high (ATH).
If buying pressure for BNB increases in September, it might outperform other leading altcoins and potentially reach a new ATH, possibly around $750. However, this scenario could be threatened if CZ’s release is delayed or if market interest in BNB decreases.
4. Mantra (OM)
OM Price: $0.9162
Market Cap: $772 Million
Mantra (OM) positions itself as the second largest Real-world assets (RWA). MANTRA is a revolutionary blockchain built for security and high scalability. OM reached an all-time high of $1.42 on July 22, but it has since dropped 34% from that height. OM has surged over 292% since its launch in January 2021 and surged 4,814% in the past 1 year.
From a technical perspective, OM has developed a falling wedge pattern on the daily chart. This pattern is defined by two descending trendlines that connect the asset’s highs and lows. Traders often view a falling wedge as bullish because the narrowing lines indicate that sellers may be losing momentum.
If buyers capitalize on this potential decline in selling pressure, a substantial rally could occur. For OM, breaking through the 38.2% Fibonacci level could mark the beginning of a climb toward a new all-time high. However, the 61.8% golden ratio at $1.15 might act as a resistance point for the price. If OM breaks past the $1.15 resistance level, it could potentially surpass $1.42. If it drops below the falling wedge’s lowest point again, the price could plunge to $0.62.
5. Floki (FLOKI)
FLOKI Price:$0.0001571
Market Cap: $1.49 Billion
Floki (FLOKI) the 5th largest memecoin globally is gaining momentum. Floki is not only a memecoin but has evolved to become a fully-fledged web3 project spanning decentralized finance, NFTs, and the Metaverse. FLOKI price saw a 4280% surge since its launch in September 2021 and surged 820% in the past year.
FLOKI created a new all-time high (ATH) of $0.000348 by June 5th, 2024. Over the past seven days, it has formed an ascending triangle pattern as the bulls work to maintain a bullish stance within the triangle.
FLOKI is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the ongoing bullish trend. The Relative Strength Index (RSI) is at 52, indicating equilibrium, but it also shows signs of an uptrend.
If the bulls gain momentum at this point, FLOKI could break above the triangle, aiming for a target of $0.000180. Additionally, the 50-day SMA has crossed above the 200-day SMA, creating a golden cross at $0.0001389, which strengthens the bullish outlook. Therefore, if the price continues surging, the next resistance levels are at $0.0002201 and $0.00034. However, failing to do so would lead to a price decline to near $0.0001138.
Conclusion
The above altcoins are showing strong potential to reach new all-time highs, driven by positive technical indicators and bullish market conditions. However, external factors and market sentiment could influence their trajectories, making it essential for investors to closely monitor these developments and adjust their strategies accordingly.
