Top 5 altcoins to watch in February

The list of the most promising altcoins in February included the ADA token of the Cardano project, which launched the Djed stablecoin on January 31. In addition, the Filecoin network will undergo an update in February, and the Flux network will undergo a halving. The PRIMAL project will launch the mainnet, and Internet Computer (ICP) will host an event dedicated to the most promising DeFi projects.

Cardano Tops the List of Interesting Altcoins

• Current price: $0.39
• Market cap: $13.165 billion
• Position in the ranking of cryptocurrencies: #8

On January 31, Cardano developers, in accordance with their earlier promises, launched Djed, a super-collateralized algorithmic stablecoin.. This was an important milestone in the development of the Cardano blockchain.

Stablecoin overcollateral will be 400% – 800%. Thus, as the developers explain, “it will have 4-8 times the base value behind it compared to the total amount of issued Djed coins.”

At the moment we are only talking about beta version 1.1.1, compatible with the Vasil hard fork and with limited liquidity. Version 1.3 will significantly increase liquidity and add support for staking.

However, the rate of ADA, the native token of the Cardano network, ignored such a significant event for the ecosystem..

According to the results of technical analysis, the Cardano rate has increased by 67% since the beginning of the year. On January 9, the price made a bullish breakout of the line of long-term downward resistance. Now the coin is trading near the $0.42 resistance area.. The further direction of the trend will largely depend on whether the bulls manage to take this barrier, or the price bounces off it.

In the event of a bullish breakout, Cardano would accelerate its momentum towards $0.52, and a rebound could see a retest of the $0.33 support area.

Read more: Cardano launches stablecoin. Will it breathe new life into ADA

Source: TradingView Filecoin updates the network

• Current price: $5.13
• Market cap: $1.916 billion
• Position in the ranking of cryptocurrencies: #33

The Filecoin project is a decentralized storage system for files of various formats, including NFT. It seeks to move away from the traditional scheme of storing information on the centralized servers of large corporations. The decentralized approach increases the security of the process and allows you to bypass censorship.

In February, the project launches the Filecoin Virtual Machine (FVM), which will be rolled out in phases to avoid the risk of outages. FVM will be compatible with the Ethereum EVM virtual machine, supporting its smart contracts.

Earlier, BeInCrypto also revealed that the Filecoin Foundation will deploy an Interplanetary File System (IPFS) in space aboard a Lockheed Martin satellite.

As with Cardano, the FIL price also made a bullish breakout of the descending resistance line (January 8). The price then recovered above the $5 resistance area and turned it into support on January 25 (green icon). The next resistance is at $6.50.

The trend will remain bullish until the price closes below $5.. In this case, a decline to the ascending support line at $4.50 cannot be ruled out.

Source: TradingView Internet Computer Hosts DeFi Event

• Current price: $5.88
• Market cap: $1.672 billion
• Position in the ranking of cryptocurrencies: #38

Internet Computer (ICP) is an open source decentralized blockchain project from the Swiss company Dfinity Foundation. His task is to improve the outdated IT industry and the Internet.

The startup's tech solutions aim to turn the internet into a kind of large decentralized computer, making it open to the public and free from the influence of big tech companies like Google or Amazon. Internet Computer tools should lay the foundation for the third generation Internet Web 3.0. The network also supports the development of smart contracts.

On February 6, Internet Computer will host an event dedicated to the most promising DeFi projects.

The ICP price made a bullish breakout of the descending resistance line on December 28 and reached a high of $6.28. However, the coin still remains below the Fibo 0.5 correction level at $6.58.

If this level is breached, the market could target the next resistance at $7.15. Meanwhile, in case of a rebound, a retest of the $5 support area is not ruled out.

Source: TradingView Flux cuts block rewards

• Current price: $0.96
• Market cap: $272,296 million
• Position in the cryptocurrency rating: #125

Flux is a decentralized Web3 framework that powers many decentralized applications (dApps). Its native token is called FLUX and is used to buy resources and pay rewards to miners/node operators.

On February 4, a halving will occur in the project network at block 1,310,700 and the reward for the size of the mined FLUX block will be reduced from 75 to 37.5 FLUX.

FLUX broke through the $0.92 resistance area and turned it into support on January 30. If the uptrend continues, the next resistance will come into play at $1.43. Meanwhile, a close below the $0.92 area could trigger a fall towards $0.69.

Source: TradingView PRIMAL launches mainnet

• Current price: $0.014
• Market capitalization: $5.269 million
• Position in the cryptocurrency rating: #2656

The project combines two popular concepts: sports tokens in the style of STEPN and fan tokens in the style of Chiliz. On February 2, PRIMAL plans to launch the main network.

The PRIMAL price hit a historic high of $0.014 on January 20, and five days later tested the strength of the horizontal area of $0.009 as support. As a result, a long lower wick (green icon) appeared on the chart.

If the price continues to rise, the resistance at $0.015 will come into play next (Fibo level 1.61 external correction of the previous decline). On the other hand, a close below $0.009 could trigger a drawdown towards $0.007.

Source: Trading View