The cryptocurrency market is rife with excitement and speculative activity as we approach September 2024. While Bitcoin (BTC) has long reigned supreme among cryptocurrencies, recent trends suggest that a number of altcoins may soon surpass it. In spite of Bitcoin’s current dominance of 57.18%, only a small number of altcoins have been able to perform better over the course of the past 90 days. However, analysts at BeInCrypto have identified three alternative cryptocurrencies that stand to benefit significantly in September. Let’s get into the specifics!
1. Tron (TRX)
After surpassing Cardano (ADA) into the top 10 cryptocurrencies by market capitalization, Tron (TRX) has recently made headlines thanks to its three-year high of $0.17. TRX has seen a remarkable price increase of 15% over the past month, indicating its potential to outperform Bitcoin.
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The TRX’s Performance-Driven Keys
The launch of the meme coin generator SunPump in August is to blame for the rise in TRX prices. This has significantly increased demand for TRX. Furthermore, Tron’s social strength has ascended to 6.23%, reflecting developing interest in the undertaking.
Technically, the TRX On Balance Volume (OBV) has been rising, indicating a lot of buying interest. If the current accumulation trend continues, TRX could see its price rebound to $0.17 and possibly reach $0.19 in September. An increasing OBV frequently precedes further price increases.
Possible Dangers
However, the success of Bitcoin is essential to this optimistic outlook. TRX may encounter resistance if Bitcoin surges significantly, making it difficult to achieve the anticipated price targets.
Also Read: Mysterious $1.88 Billion Bitcoin Transfer Stuns World’s Largest Exchange
2. Aave (AAVE)
Aave (AAVE) has likewise been causing disturbances, with its cost moving by 18.68% in the previous month. It is a strong contender to outperform Bitcoin because it serves as the governance token for the decentralized finance (DeFi) protocol Aave and has attracted a lot of attention from large investors.
Recent Developments
Aave is hoping to extend its impression in reality Resources (RWA) area by coordinating BlackRock’s BUIDL framework. Demand for AAVE could significantly rise if this proposal is approved.
AAVE has since made Higher Lows, reaching $146.49 on August 24 after falling below $80 on August 5. However, the token’s price dropped to $118 because the Relative Strength Index (RSI) indicated that it was overbought at the time.
Technical Analysis
The fact that the RSI is still above the neutral 50.00 line suggests that a bullish reversal may be imminent. AAVE must hold the support level at $118.01 and break through the resistance level at $129.64 in order to continue its upward trajectory. AAVE could very well be one of the altcoins that performs better than Bitcoin in September if it is successful.
A Word of Caution
On the other side, on the off chance that AAVE neglects to keep up with the $118.01 support, it could confront a critical decay, so financial backers ought to watch out for these levels.
3. ADA Cardano
Cardano (ADA) is standing out as truly newsworthy because of its exceptionally expected overhaul, the Chang hard fork, set to send off on September 1. The Cardano blockchain will see the introduction of on-chain governance as a significant step toward its long-term vision, Voltaire.
Market Attitude
The optimism of ADA holders has increased as a result of the excitement surrounding this upgrade. According to historical data, the price of a similar hard fork in 2021 increased by a staggering 130 percent in a month. ADA is currently trading at $0.35, down from $0.40 just a few days ago, making it a good time to buy.
Technical Signs
According to the Moving Average Convergence Divergence (MACD) indicator, the most recent price drop might be a good place for traders to start trading. A positive MACD reading indicates bullish momentum, which suggests that ADA may soon reach $0.40. Prices could even reach $0.44 if buying pressure continues to increase.
Risks to Consider
About However, there is a chance that the hard fork will result in a “sell the news” scenario, in which prices fall in response to the anticipated event. If this happens, the price of ADA could fall to $0.32, so proceed with caution.
Conclusion
In the end Tron (TRX), Aave (AAVE), and Cardano (ADA) are three altcoins with strong potential to outperform Bitcoin as September 2024 approaches. The technical indicators and unique drivers of each of these cryptocurrencies point to a bullish trend. However, investors should keep an eye on the market because it can change quickly. These altcoins will be navigating the exciting cryptocurrency market, so keep an eye on them!
Also Read: Best Cryptocurrencies for Beginners in 2024