The crypto market is poised for a change in direction in September, especially after the August monthly candle close.
Several altcoins, including FET, NOT, TON, OP and HNT, are showing promising signs of recovery or upside potential.
The Telegram ecosystem, especially TON-related cryptocurrencies, could see a resurgence after last week's bearishness.
The crypto market has remained largely stagnant over most of last week, with Bitcoin consolidating between $57,500 and $61,000.
Since Wednesday, the crypto fear and greed index has also shown around 46/100 reading.
The crypto fear and greed index
However, with the August monthly candle closing on Sunday, there are considerable odds that the market’s outlook might change in September.
Through it all, here are some of the best altcoins to watch out for in the first week of the month.
This cryptocurrency has been a top gainer within the daily timeframe and is up by around 2% over the last 24 hours before writing.
However, the general market blues are especially strong on the weekly timeframe, with a 1.8% decline in the past seven days.
FET’s price action
According to the charts, there might be a good reason for FET’s price action.
On 22 August, the cryptocurrency broke out of the descending wedge shown below and rallied strongly to the upside.
Post-breakout rejection on FET
However, as indicated, the post-breakout retest and consolidation took hold, bringing the cryptocurrency down from a high of $1.477 to as low as $1.
As indicated, the cryptocurrency is currently consolidating between this psychological $1 zone and the $1.25 price level.
We are bound to see a breakout in either direction over the coming week (likely to the upside), and FET will be poised to more than double towards the $3.5 zone.
The Telegram ecosystem saw a lot of activity over the last week, particularly with the launch of the new $DOGS memecoin and the arrest of the ecosystem’s CEO, Pavel Durov.
Notcoin’s price performance
After a decline phase, Notcoin and other TON-affiliated cryptocurrencies appear ready to pick up once again.
According to the charts, the cryptocurrency currently trades within a descending wedge and is consolidating at the bottom, as shown:
Notcoin’s price action
This bottom-side consolidation shows that the bulls are defending this price level with all they've got.
If the bulls can hold off for long enough, we should see a price rebound from the base of this formation, a retest of the upper trendline and a possible breakout to the upside.
All as long as Notcoin doesn’t form a lower low by breaking below the $0.007789 price.
Toncoin shows the same outlook as Notcoin—strong signs of recovery after a period of brutally bearish price action.
Toncoin’s price performance
According to the charts, the cryptocurrency is now forming a small ascending trendline, indicating that the bulls are back in action.
Toncoin’s price action
The Fibonacci retracement tool shows that the bulls have managed to keep the cryptocurrency above the $5.19 price level.
That said, the cryptocurrency has a major chance to continue upwards if a break below doesn't occur from here.
Major price targets for Toncoin include $6.23, $7.28 and $8.57.
Optimism is bearish on most of its small-scale timeframes and is down by around 10% in the last week alone.
Optimism’s price action
However, this bearishness is likely a precursor for bigger things to come. According to the charts, Optimism is similar to most of the other cryptocurrencies on this list.
Most have completed breakout patterns, are in the middle of consolidations, and are aiming higher.
Optimism’s price action
The charts show that Optimism broke out from the descending wedge above $1.48 on 21 August, but was rejected to $1.35.
The ongoing consolidation, as shown, is the precursor for better price action to come.
As long as Optimism doesn’t form a new lower low below $1.218, we can expect the cryptocurrency to complete its bullish rally to the upside.
Optimism is poised to rally up by more than 250% to the $4.9 price level soon.
Helium is bearish on the daily timeframe and is down around 3%. However, on the weekly timeframe, the cryptocurrency is up by an impressive 9.4%.
Helium’s price performance
In the charts, we can see that Helium became largely bullish after breaking out of a descending wedge.
Helium’s price action
For more than three weeks, the cryptocurrency has remained stuck in a consolidation between the $6.289 and $7.456 price levels.
This means that investors should keep an eye out for what happens between $6.289 and $7.456 to see which side breaks first.
If a break and close above $7.456 occurs, the cryptocurrency will likely continue upwards to between $8.9 and $11.23.
However, if a break below occurs, we should see a brutal decline towards $5.123.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.