5 Altcoins You Should Keep An Eye On In February

January was a mixed month for the cryptocurrency market, characterized by a sharp increase at the beginning of the month that reversed on January 14. The five altcoins below could draw considerable attention in February 2024.

Horizen Performs Network Upgrade

• Price: $7.98
• Market Cap: $115,028 million
• Rank: #314

ZEN 5.0.0 will initiate a Mainnet upgrade via Hard Fork at block #1502800 on February 7th, 2024. After this upgrade, transactions involving shielded addresses will be disabled. Shielded transactions offer enhanced privacy using zk-SNARK cryptographic techniques.

Despite this positive announcement, the ZEN price action is not bullish yet. The daily time frame shows that the price has fallen under a descending resistance trend line since November 8, 2023.

The trend line has been validated numerous times, more recently on January 12, 2024 (red icon). After the rejection, ZEN also fell below $9.20, a horizontal area previously providing support.

The daily Relative Strength Index (RSI) also supports the decrease. The RSI is below 50 and falling, both considered bearish signs.

Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset. If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.

If ZEN continues to fall, it can decrease by another 30% and reach the closest support at $5.80.

Despite this bearish ZEN price prediction, a breakout from the trend line can lead to a 45% increase to the next resistance at $12.

Radiant Capital Announces Airdrop

• Price: $0.29
• Market Cap: $129,359 million
• Rank: #301

The Radiant team announced that those who lock dynamic liquidity (dLP) on Arbitrum until February 16, 2024, will receive ARB rewards. Those locking in for 12 months will receive more rewards than those who lock in for six months.

The RDNT price has increased alongside an ascending support trend line since October 2023. More recently, it bounced at the trend line in January 2024 (green icon). However, the bounce has weakened, and RDNT trades below the $0.29 resistance area.

If RDNT breaks above it, it can increase 16% to the next resistance at $0.33.

Conversely, a breakdown from the trend line can trigger a 15% drop to the closest support at $0.25.

Injective Announces New dApp

• Price: $36.34
• Market Cap: $3,208 billion
• Rank: #26

On January 28, the Injective team announced that a new ecosystem decentralized application (dApp) will launch on the mainnet this week. However, it did not provide any information as to what the dApp will be.

The INJ price has traded inside a long-term symmetrical triangle since December 24, 2023. The symmetrical triangle is considered a neutral pattern, which can lead to both breakouts and breakdowns.

The daily RSI is at 50, failing to confirm the trend’s direction. Therefore, whether the INJ price breaks out from the triangle or falls below its support trend line will determine the future trend.

A breakout can lead to a 20% increase to the next resistance at $43, while a breakdown can cause a 22% drop to the $28 support area.

Beldex Announces Hard Fork

• Price: $0.044
• Market Cap: $273,909 million
• Rank: #228

The Beldex team announced that the Bern Hardfork will go live at block height #2986890 on February 4, 2024.

The hard fork will introduce new features through the Beldex Naming System (BNS) and implement a new burning mechanism, transitioning to a deflationary protocol.

The BDX price has traded inside a descending triangle since November 2023. The descending triangle is considered a bearish pattern, leading to breakdowns most of the time.

A breakdown that travels the entire pattern’s height can lead to a nearly 30% drop to the closest support at $0.032.

Despite this bearish BDX price prediction, a breakout from the resistance trend line can trigger a 28% increase to the closest resistance at $0.056.

SKALE Concludes February Altcoins to Watch

• Price: $0.076
• Market Cap: $393,008 million
• Rank: #132

The final altcoin for February is SKALE (SKL). Skale will introduce SKALE Chain payments on February 1. With Chain Pricing on the mainnet, SKALE is the only self-sufficient blockchain with zero gas fees.

SKALE Chain’s Phase 2 pricing aims for validator hardware profitability, targeting a $1M annual payment per chain at 70% network load.

The sliding scale model encourages node additions, keeping chains competitively priced. The initial monthly cost is $3,600, rising to $84,000 at 70% utilization, fostering network expansion and supporting profitable validator operations.

The SKL price bounced on January 23, validating the $0.068 horizontal area as support. The bounce was followed by an RSI increase above 50 shortly afterward.

If the SKL price continues to increase, it can reach the next resistance at $0.10, 30% above the current price.

Despite this bullish SKL price prediction, a breakdown below $0.068 can trigger a 45% drop to the closest support at $0.041.

Source: beincrypto.com