These are the following: Cardano (ADA), Filecoin (FIL), Flux (FLUX), Internet Computer (ICP), and PRIMAL.
Here are the facts: Cardano’s overcollateralized (ADA) stablecoin will launch this week. Filecoin (FIL) will undergo a network upgrade, while the PRIMAL mainnet will be launched. Finally, Flux (FLUX) will halve its block rewards, and Internet Computer (ICP) will host a meeting to discuss the most interesting decentralized finance (DeFi) projects.
Cardano (ADA) Tops List of Altcoins to Watch
The price of the Cardano cryptocurrency is up 66% since the beginning of the year and broke a long-term resistance line on January 9th. The price is now very close to the $0.42 resistance zone. A break in the price could accelerate the rise of ADA towards $0.52, while a rejection could lead to a retest of the support at $0.33.
Filecoin (FIL) Refreshes Its Network
Filecoin Virtual Machine (FVM) will launch in February and will be rolled out gradually to reduce the risk of disruption.
The FIL cryptocurrency price broke above a descending resistance line on January 8th. It then recaptured the resistance located at $5 and then validated it as support on Jan 25th (green arrow).
The trend remains up, as long as the altcoin does not close below this $5 zone. In this case, resistance would be found at $6.50. On the flip side, a close below $5 could lead to a fall to the ascending support line located at $4.50
Internet Computer (ICP) Announces Meeting Focused on DeFi
On February 6th, Internet Computer will hold a meeting with the most interesting DeFi projects that are developed on the Blockchain.
The ICP altcoin price broke a descending resistance line on Dec 28, 2022, and has so far reached a high of $6.28. That being said, the price remains below the 0.5 Fibonacci retracement resistance line at $6.58.
If the price breaks out of this zone, it could rally toward its next resistance located at $7.15. Conversely, a rejection from this area could lead to a retest of the $5 support.
Flux (FLUX) Halves Its Block Reward
On February 4th, the FLUX block rewards will be halved from 75 to 37.5 FLUX per block reward.
The price of the FLUX altcoin broke through the resistance at $0.92 and validated it as support on January 30. If it continues to rise, the next resistance would be at $1.43. Conversely, a close below the $0.92 support zone could lead to a drop to $0.69.
Launch of PRIMAL Main Network
The main network (or mainnet) of PRIMAL will go live on February 2.
The PRIMAL altcoin price reached an all-time high of $0.014 on January 20th. It then returned to validate the $0.009 support zone five days later.
If the move-up holds, the next resistance would be at $0.015 and would be created by the 1.61 outside Fibonacci retracement of the previous drop. Conversely, a close below $0.009 could lead to a drop toward $0.007.
To conclude, these five altcoins introduce interesting projects planned for February, which could have a positive effect on their respective prices.
By Audy Castaneda
