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Top 5 Altcoins to Watch in February 2023: The Cardano (ADA) is overrated stablecoin Launching this week. Filecoin (FIL) will undergo a network upgrade when the PRIMAL mainnet goes live. Finally, while Flux (FLUX) will halve its block rewards, Internet Computer (ICP) will hold a meeting to discuss a very interesting decentralized fund (DeFi) plans.
Cardano (ADA) Altcoins leads to see
- Price: $0.39
- Market cap: $13,467 billion
- Ranking: #8
Cardano is a smart-contract platform that offers many features. It uses a Evidence-share (PoS) consensus called ouroboros. This week, the overcollateralized Djed stablecoin Finally starting. Djed version 1.1.1 will include compatibility with the Wasil hard fork. However, this will only be a beta version with a certain amount of liquidity. Version 1.3 will significantly increase liquidity and support staking.
Cardano Price 66% increase since the beginning of the year. It broke out of the long-term descending resistance line on January 9. The price is now very close to the $0.42 resistance area. Whether it breaks out or declines will determine the direction of the trend.
A breakout could move Cardano price towards $0.52, while a rejection could lead to a retesting of the $0.33 support area.
Filecoin (FIL) Network Upgrade
- Price: $5.36
- Market cap: $2,056 billion
- Rank: #33
Filecoin is a decentralized data storage network. It allows users to sell their storage on the open market. The native token FIL is used to store and distribute data. The Filecoin Virtual Machine (FVM) Launched in February Introduced gradually To reduce the risk of disruption. Compatible with FVM Ethereum Virtual Machine (EVM), therefore supporting its smart contracts.
Similar to Cardano price, FIL Price Jan. 8 broke out from a descending resistance line. Later, it recovered the $5 resistance area and verified support on January 25 (green icon). The trend remains bullish unless the altcoin closes below the $5 resistance. In that case, the next resistance would be $6.50.
On the other hand, a close below $5 would result in a drop to the ascending support line at $4.50.
Internet Computing (ICP) announces DeFi Meetup
- Price: $6.07
- Market cap: $1,727 billion
- Rank: #38
Internet Computer is a blockchain network that supports smart contract development. It tries to recreate the interactions between users and web applications. On February 6, Internet Computer organized a very interesting meeting DeFi projects Growing on the Blockchain.
ICP Price Dec. On the 28th a descent broke out from the resistance line. So far, it has reached a high of $6.28. However, the price is still below the 0.5 Fib retracement resistance level at $6.58.
If it breaks out, the altcoin could raise the next resistance at $7.15. On the other hand, a rejection could lead to a retest of the $5 support area.
Flux (FLUX) half block rewards
- Price: $0.96
- Market value: $279,296 million
- Rank: #127
Flux is a decentralized Web3 infrastructure that hosts multiple decentralized applications (dApps). The native token is FLUX, which is used to purchase resources and reward miners/node operators. FLUX block rewards will be halved from 75 to 37.5 FLUX Feb. A block reward on 4 Block height is 1,310,700.
Flux Price It moved above the $0.92 resistance area and checked support on January 30. If the increase continues, the next resistance will be $1.43. On the other hand, a close below the $0.92 area could lead to a drop to $0.69.
PRIMAL Mainnet goes live
- Price: $0.014
- Market value: $5,259 million
- Rank: #2672
PRIMAL combines two existing concepts: STEPN-style game tokens and Chiles-style fan tokens. It aims to connect fans with famous athletes. Primal Mainnet Go live 2nd Feb.
PRIMAL price hit an all-time high of $0.014 on January 20. Then, it came back and tested the $0.009 horizontal area as support five days later. This created a long lower wig (green icon).
If the upward movement continues, the next resistance will be at $0.015, which is formed by the 1.61 external Fib retracement of the previous decline. On the other hand, a close below $0.009 could lead to a slide towards $0.007.
To conclude, these five altcoins have interesting developments for the month of February that could have a positive effect on their prices.
For BeInCrypto’s latest crypto market analysis, Click here.
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