January became a controversial month for the crypto market. It started with a sharp rise, followed by a reversal on January 14. Five Altcoins Below Could Get Involved in February. Horizen (ZEN), Radiant Capital (RDNT), Injective (INJ), Beldex (BDX) and SKALE (SKL) are all altcoins facing interesting events in February that could affect their prices.
Horizen upgrades its network
- Price: $7.98
- Market capitalization: $115.028 million
- Position in the cryptocurrency ranking: #314
On February 7, ZEN 5.0.0 will begin updating the mainnet through a hard fork on block #1502800. After this update, transactions involving escaped addresses will be disabled. Shielded transactions provide enhanced privacy using zk-SNARK cryptographic techniques.
Meanwhile, the ZEN daily timeframe shows that since November 8, 2023, the price has been moving along a descending resistance line.
This trend line has been tested many times, most recently on January 12, 2024 (red icon). After the rebound, ZEN price also fell below $9.20, a horizontal area that previously supported the asset.
Daily relative strength index (RSI) also supports decline. It is below the neutral level of 50 and falling, which is considered a bearish sign.
If ZEN continues to lose ground, it could decline another 30% and reach immediate support at $5.80.
Source: TradingView
Despite this bearish outlook, a bullish trendline break could trigger ZEN to rise 45% to the next resistance at $12.
Radiant Capital Announces Airdrop
- Price: $0.29
- Market capitalization: $129.359 million
- Position in the cryptocurrency ranking: #301
The Radiant team has announced that those who lock dynamic liquidity (dLP) on Arbitrum before February 16, 2024 will receive an ARB reward. The reward for locking funds for 12 months will be higher than for locking funds for six months.
The price of RDNT has been growing along an ascending support line since October 2023. As recently as January 2024, it bounced off this trend line (green icon). However, the rebound has lost momentum and RDNT is trading below the $0.29 resistance area.
If RDNT breaks above it, it could rise 16% to the next resistance at $0.33.
Source: TradingView
Conversely, a bearish breakout of the trend line could trigger a 15% price drop to the nearest support at $0.25.
Injective Announces New dApp
- Price: $36.34
- Market capitalization: $3.208 billion
- Position in the cryptocurrency ranking: #26
Injective is a blockchain platform for executing smart contracts and running decentralized applications, built on Cosmos. It gives users access to numerous dApps with zero gas fees.
On January 28, the Injective team announced that a new decentralized application (dApp) for the ecosystem would be launched on the project’s mainnet this week. However, it did not provide any information about what kind of dApp it will be.
INJ has been trading inside a long-term symmetrical triangle since December 24, 2023. The symmetrical triangle is considered a neutral pattern that can end in either a bullish or bearish breakout.
The daily RSI is at a neutral level of 50, also not confirming the trend direction. Therefore, the further vector of the coin’s movement will depend on the direction in which the price of INJ leaves the triangle.
Source: TradingView
A bullish breakout could see a 20% rise to the next resistance at $43, while a bearish breakout could see a 22% drop in price to the $28 support area.
Beldex announces hard fork
- Price: $0.044
- Market capitalization: $273.909 million
- Position in the cryptocurrency ranking: #228
The Beldex team announced that the Bern hardfork will be held on February 4, 2024 at block #2986890. The hard fork will introduce new features through the Beldex Name System (BNS) and introduce a new combustion mechanism, moving to a deflationary protocol.
BDX has been trading inside a descending triangle since November 2023. This pattern is considered a bearish pattern that most often leads to breakouts in a southerly direction.
A bearish breakout of the full height of the pattern could lead to a fall of almost 30% to the nearest support at $0.032.
Source: TradingView
Despite this bearish outlook, a break of the resistance trendline could trigger a 28% surge in BDX to the next nearest resistance at $0.056.
SKALE completes the list of altcoins for February
- Price: $0.076
- Market capitalization: $393.008 million
- Position in the cryptocurrency ranking: #132
The SKALE token (SKL) closes the top list of altcoins in February. The SKALE Network is an open source platform that aims to scale dApps for real world use. This is a project of the Decentralized Economy Foundation. The project's native token, SKL, can be used for staking, payments, and network management.
From February 1, Skale will launch payments on the SKALE Chain mainnet and will become the only blockchain with zero gas fees
The SKL price rebounded on January 23, testing the strength of the horizontal area of $0.068 as support.. This rebound was followed by an increase in the RSI index above 50.
If the token continues to rise, it could reach the next resistance at $0.10, which is 30% higher than the current price.
Source: TradingView
Despite the bullish outlook, a break of SKL below $0.068 could trigger a 45% fall to the nearest support level at $0.041.
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