Why Polygon, THORChain, and Dusk Are Must-Watch Cryptos in September

Key Takeaways

• Polygon (MATIC) will upgrade its mainnet on September 4, transitioning from MATIC to POL.
• THORChain (RUNE) will also undergo a hard fork on September 4.
• Dusk (DUSK) will launch its mainnet on September 20.

Despite a rocky start, August turned out to be a neutral month for the cryptocurrency market, with a significant rebound taking place from Aug. 5 onwards.

Several cryptos could see potential growth as the market looks to carry this momentum into September. MATIC, RUNE and DUSK stand out among them due to their promising technical outlook and/or positive developments, making them three cryptos to watch closely in September.

MATIC Completes Transition

Polygon will undergo a mainnet upgrade on Sept. 4, 2024. The technical upgrade from MATIC to POL should improve its utility and align with Polygon’s vision of an aggregated network of blockchains.

POL will serve as the native gas and staking token on Polygon, and it will support the network’s future expansion. Initially, POL will have MATIC’s existing tokenomics. However, this may change if POL gains more functionality as it relates to “AggLayer”, Polyogn’s ambitious interoperability project.

As per the announcement , the swap from MATIC to POL will be 1:1, and there is no deadline for MATIC holders to migrate to POL.

The upgrade is needed desperately since the MATIC price has struggled mightily in 2024, falling by 54% since the start of the year. The price reached a low of $0.33 on Aug. 5 and bounced.

The bounce happened at two critical support levels: The $0.37 horizontal support area and the support trend line of a descending parallel channel.

If the MATIC price breaks down, there will be no more support until $0.02. So, the upgrade must bring some positive attention to stave off a breakdown and potentially even start a rally.

On a more positive note, there is a double bottom pattern in place when looking at the price movement since May 2022, the last time the $0.37 area was reached. This pattern has also been combined with a massive bullish divergence in the weekly RSI, something that could trigger an upward movement.

The channel’s midline is at $0.70 while the resistance trend line is at $1.15.

THORChain Undergoes Hard Fork

THORCHain will undergo a hard fork on September 4. Several upgrades  will be introduced during the fork:

• Upgrade of the Cosmos SDK Version
• Removal of unnecessary Cosmos modules and legacy code
• Introduction of support for Bitcoin Taproot addresses
• Improve synchronization times by trimming node states

While users do not need to do anything in preparation for the fork, exchanges, wallets and decentralized applications (dApps) need to update their CHain-ID and prepare for the planned downtime.

The RUNE price action is bullish even though the price has declined since its yearly high of $11.46 in March. This is because the crypto started a short-term upward movement in August and broke out from a descending wedge while reclaiming the $4.10 horizontal area.

Because of the reclaim, the previous decrease below this area (black circle) is considered a deviation. The area is now expected to act as support and could catalyze an upward movement toward the range high of $7.

DUSK Concludes September Cryptos

Dusk’s Mainnet is due to launch  on September 20. As per the announcement, the mainnet will introduce new features  such as:

• Succinct Attestation, which Aims to enhance participation by rewarding voters for every block, improving finality in the process.
• Adding a decentralized wallet and block explorers
• Empowering developers to build their applications on Dusk, creating an ecosystem of decentralized applications (dApps)
• Introducing a new transaction model called Phoenix 2.0 to satisfy regulatory requirements.

The DUSK price has decreased since its yearly high of $0.68 in March. The decrease accelerated after the price created a lower high in May (black icon).

However, the entire drop resembles an A-B-C corrective structure, which seemingly ended on Aug. 5. In it, waves A:C had an almost exactly 1:1 ratio. The decrease also ended at a long-term ascending support trend line (white icon), which has existed since September 2023.

Shortly after the bounce, the MACD made a bullish cross (black circle), a sign of a positive trend.

Because of these readings, DUSK will likely continue its bounce. Even if the increase is just a relief rally, DUSK could reach the $0.29 resistance area, which is 40% above the current price.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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