Top 5 Altcoins to Watch in February 2023: Cardano (ADA) to Launch Collateralized Stablecoin This Week. Filecoin (FIL) will undergo a network upgrade while the PRIMAL mainnet goes live. Finally, Flux (FLUX) will halve its block rewards, while Internet Computer (ICP) will hold a meetup discussing the most interesting decentralized finance (DeFi) projects.
Cardano (ADA) Inspires Altcoins To Watch
- Price: $0.39
- Market Cap: $13,467 billion
- Rank: #8
Cardano is a smart-contract platform that offers a range of features. It uses a proof-of-stake (PoS) consensus called Ouroboros. This week, the overcollateralized Z stablecoin will finally launch. Djed version 1.1.1 will include compatibility with the Vasyl hard fork. However, this will only be a beta version with a limited amount of liquidity. Version 1.3 will be the one which increases the liquidity to a great extent and also supports staking.
Cardano has gained 66% in price since the beginning of the year. It broke a long descending resistance line on January 9th. The price is now very close to the $0.42 resistance area. Whether it breaks or gets rejected can determine the direction of the trend.
A breakout could propel Cardano price towards $0.52, while a rejection could lead to a retest 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 the data. The Filecoin Virtual Machine (FVM) will launch in February. It will be introduced incrementally to minimize the risk of disruption. FVM will be compatible with the Ethereum Virtual Machine (EVM), therefore supporting its smart contracts.
Like Cardano price, FIL price also broke above a descending resistance line on 8 January. Later, it reclaimed the $5 resistance area and validated it as a support on Jan 25 (green icon). The trend remains bullish until the altcoin closes below the $5 resistance. In that case, the next resistance would be at $6.50.
On the other hand, a close below $5 could lead to a decline towards the ascending support line at $4.50.
Internet Computers (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 attempts to restart the interaction between users and Internet applications. On February 6th, Internet Computer held a meetup with the most interesting DeFi projects Evolving in the blockchain,
ICP price broke above the descending resistance line on December 28. So far, it has reached a high of $6.28. However, the price remained well below the 0.5 Fibonacci retracement resistance level at $6.58.
If it breaks, the altcoin could rise to the next resistance at $7.15. On the other hand, a rejection could lead to a retest of the $5 support area.
Flux (FLUX) Halves Block Rewards
- Price: $0.96
- Market Cap: $279,296 million
- Rank: #127
Flux is a decentralized Web 3 infrastructure that houses 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 reduced from 75 to 37.5 Flux per block reward at block height 1,310,700 on February 4th.
Flux price moved above the $0.92 resistance area and validated it as support on January 30. If the rise continues, the next resistance lies at $1.43. On the other hand, a close below the $0.92 area could trigger a decline towards $0.69.
Primal mainnet goes live
- Price: $0.014
- Market Cap: $5,259 million
- Rank: #2672
PRIMAL combines two existing concepts: STEPN-style sports tokens, and Chiliz-style fan tokens. It aims to connect fans with celebrity athletes. primal mainnet will be live On 2 February.
PRIMAL price reached an all-time high of $0.014 on January 20. Later, it recovered and validated the $0.009 horizontal zone as a support after five days. This created a long lower wick (green icon).
If the upward move continues, the next resistance lies at $0.015, formed by the 1.61 external Fibonacci retracement level of the previous decline. On the other hand, a close below $0.009 could lead to a decline towards $0.007.
To conclude, these five altcoins have interesting developments for the month of February, which could have a positive impact on their price.
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