MakerDAO is set to gain a new identity and a new token. On September 18, the new stablecoin USDS and the governance token SKY will be launched, marking a major change for the network.

This is expected to trigger a rise for the current native token, MKR. Since MKR can be swapped for 28,000 SKY tokens, investors might attempt to stack up on MKR. They will most likely do this to note profits and eventually sell following the launch of SKY.

MKR Price Analysis. Source: TradingView

As a result, MKR’s price will most likely bounce off the support level of $1,693 to rise and test the resistance of $2,188. The altcoin has been consolidated in this range for the entire month of August. The potential bullishness that arises from the transition could lead to a rise to $2,556.

Polygon (MATIC)

Like Maker, Polygon will also be migrating its native token from MATIC to POL. This long-awaited move will replace the current native crypto asset with POL as the primary gas fee and staking token.

Following the transition on September 4, the MATIC price could begin recovering its recent 26% decline. This could result in the altcoin reclaiming the support of $0.50, marking a two-month high.

MATIC Price Analysis. Source: TradingView

This would enable a rise beyond $0.60 for MATIC, pushing it towards $0.75. Breaching this level is unlikely, as the profit surge could move investors to sell their holdings for profits.

EOS (EOS)

EOS network will begin preparing for its next major upgrade, the Spring 1.0. The hard fork is crucial to the network as it will introduce the new consensus method for EOS, the Savanna algorithm.

The Spring 1.0 stable release is scheduled for September 4, with the hard fork on September 25. The anticipation of this upgrade could boon the EOS price, which recently noted an 11% drop in three days.

EOS Price Analysis. Source: TradingView

The EOS price’s decline nearly wiped out the recovery noted since the 23% crash in July. For the altcoin to reclaim these losses, it would need to flip $0.557 into support first, which it failed to do recently. The bullish development could fuel this rise, sending EOS beyond $0.605 to initiate a rally.

THORChain (RUNE)

RUNE price recently reclaimed the bear market support floor, i.e., the 23.6% Fibonacci Retracement line. Coinciding at $3.94, a bounce off this level could propel the altcoin beyond the multi-month resistance of $4.93.

The THORChain network is preparing for a hard fork on September 4. While the upgrade will not bring about any major change, it can be a potential catalyst for RUNE as the market recovers.

Read More: Best Upcoming Airdrops in 2024

RUNE Price Analysis. Source: TradingView

If RUNE benefits from this, a surge to $6.52 is on the cards. This would be possible once $4.93 is flipped into a support floor.

Flow (FLOW)

Following in the footsteps of EOS, it will be observing its biggest upgrade since the inception of the chain. The Crescendo network upgrade, scheduled for September 4 on the mainnet, will connect Flow to the entire web3 ecosystem.

This could be just the trigger that Flow needs to escape its two-and-a-half-month consolidation. Stuck under $0.70 since mid-June, the FLOW price would need a major kick to break past this barrier and rise beyond $0.80.

FLOW Price Analysis. Source: TradingView

However, if this breach were to fail, the crypto asset would likely drop to $0.50, the lower limit of the current consolidation. Even if FLOW does not fall through this support level, it could continue its sideways movement, invalidating the bullish thesis.

The post 5 Altcoins You Should Watch In September 2024 appeared first on BeInCrypto.

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