As we enter the final hours of January, we leave behind historic and rare days for the cryptocurrency markets. The month of January hosted a once-in-a-lifetime event with the approval of a spot Bitcoin ETF. Although not a massive surge as expected, we will continue to see its positive effects in the coming period. So, which altcoins should we pay attention to in February?
Horizen (ZEN)
The first altcoin whose price may fluctuate in January due to upcoming developments is Horizen (ZEN). ZEN 5.0.0 will be launched with a mainnet upgrade on February 7, 2024. Despite the war waged against privacy-focused altcoins, Horizen, a pioneer in ZK, will disable transactions containing shielded addresses.
We all know the reason for this. The US and EU had started the process leading to the delisting of privacy-focused altcoins due to the pressure they apply and imply to increase. The team will take this important step on February 7 to shake off the anger and reassure investors.
On the price front, if the relaxation in the RSI continues, the price, which has fallen below $9.2, could drop to the $5.8 support. In the opposite scenario, the trend line on the chart should break, and a 45% rise towards $12 should start.
Radiant Capital
The Radiant team announced that those locking dLP on the Arbitrum network by February 16, 2024, will receive ARB rewards. Therefore, we might see an increase in the price of RDNT Coin next month. The second altcoin on the list, RDNT, has increased along the rising support trend line since October.
The altcoin, now trading below the $0.29 resistance, could rise to $0.33 in February if it surpasses the resistance. In the opposite scenario, a drop to the $0.25 support is expected.
Injective (INJ)
On January 28, the Injective team announced that a new dApp would be shared on the network. Protocols that manage to attract attention significantly multiply network activity and support the token price. If Injective takes an important step of value in terms of announcements, it will support the rise in INJ Coin’s price.
The price, which has been in a long-term symmetrical triangle since December 24, 2023, should experience a breakout soon. There are clear targets in both directions. If a rise is to begin, the next resistance is at $43, while in the opposite scenario, a drop to $28 is likely.
