The shadow of the new month has fallen upon us, and with the Federal Reserve’s interest rate decision behind us, February is just hours away. January was filled with adrenaline. In February, two lesser-known cryptocurrencies will host significant developments, and we may witness an increase in their prices. So, what developments will occur, and what are the price expectations?
Beldex (BDX)
BDX Coin, ranked as the 228th largest cryptocurrency by market value, has a market cap of $273 million and is currently trading at $0.044. While Bitcoin is challenging the $43,700 mark as this article is being prepared, this lesser-known cryptocurrency will carry out the Bern Hardfork in February. The exact date is February 4, and such major updates generally have significant consequences on prices.
The hard fork promises new features through the Beldex Naming System (BNS) and a transition to a deflationary protocol. The upcoming burn mechanism indicates how much this update is focused on price increase. BDX price has been trading within a descending triangle since November 2023, and these formations often lead to breakouts.
If we see a downward breakout, it could mean a 30% loss, bringing the price down to $0.032. However, a breakout above the resistance trend line could test the $0.056 region in an optimistic scenario.
If the general market sentiment remains positive in February as expected, and BTC has finally ended its correction, the current price has approximately a 30% gain potential. Of course, crypto is unpredictable, and expectations often do not materialize.
SKALE Coin
Ranked among the top 150 cryptocurrencies, SKALE has a market value close to $400 million. More popular than the former, SKALE will also experience a significant development in February. On February 1, SKALE Chain payments will be announced. The pricing structure on the main network will move to the second phase, targeting annual payments of $1 billion at 70% network load, aiming for validator hardware profitability.
This update, which supports node operations, is the kind that will increase network interest, and the RSI supports hopes for a rise.
If the expected positive scenario materializes, the $0.1 psychological resistance area could be breached again. In the opposite scenario, closures below $0.068 could lead to a 45% decrease to $0.041.
