February was a bullish month for the cryptocurrency market, practically resulting in a brand new all-time excessive for Bitcoin (BTC) and different altcoins.
This evaluation explores lesser-known altcoins exhibiting promising traits, suggesting potential for important features within the coming month, specializing in cryptocurrencies ranked between 150 and 300 by market capitalization.
ANKR Breaks Out From Lengthy-Time period Resistance
The ANKR worth had fallen below a descending resistance development line since Could 2022. The development line brought on three notable rejections, all creating lengthy higher wicks. Nonetheless, ANKR started an upward motion in February 2024 and broke out from the 644-day descending resistance development line.
The weekly Relative Power Index (RSI) legitimizes the breakout because it elevated above 50 whereas the worth broke out. This momentum indicator identifies overbought or oversold situations and decides whether or not to build up or promote an asset. Readings above 50 and an upward development point out that bulls nonetheless have a bonus, whereas readings under 50 recommend the alternative.
If the rise continues, ANKR can rise by one other 30% and attain the $0.050 resistance space.
Regardless of the bullish ANKR worth prediction, failure to maintain the rise can set off a 30% drop to the descending resistance development line at $0.027.
Raydium (RAY) Breakout and Retest
The RAY worth has elevated since October 2023. The upward motion led to a excessive of $1.99 in December earlier than the worth began to appropriate. Regardless of the lower, RAY bounced on the $1 horizontal help space final week and started an upward motion.
For the reason that bounce, RAY is breaking out from a shorter-term descending resistance development line. Although the RSI has fallen since December 2023, it’s nonetheless above 50 and seemingly regained its footing this week. If the breakout is profitable, RAY can improve by 200% to the following resistance at $3.70.
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Regardless of the bullish RAY worth prediction, a detailed under $1 will invalidate the breakout and set off a 70% drop to $0.35.
MASK Community (MASK) Concludes Lesser-Recognized Altcoins
The MASK worth had fallen below a descending resistance development line since August 2021. The development line brought on quite a few rejections, the newest in December 2023. Nonetheless, the altcoin started an upward motion initially of 2024 and broke out from the development line final week.
If the bullish momentum continues, MASK can improve by one other 50% and attain the following resistance at $7.
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Regardless of the bullish MASK worth prediction, failure to maintain the rise can set off a 23% drop to the descending resistance development line at $3.60.
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