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These two altcoins are showing a bullish formation against Bitcoin (BTC) and could perform better than Bitcoin in February. Despite the decline Bitcoin has experienced since January 14, these altcoins are showing positive price movement. Could they outperform BTC in February?
100% Increase Expected in LINK
According to experts’ weekly technical analysis, the price of LINK has been falling below a decreasing resistance trend line since June 2020. The decline led to a drop to 0.00018 BTC in June 2023. Although the movement initially caused a break below the 0.00023 BTC support area, LINK quickly reclaimed it, potentially turning the downturn into a deviation.
The LINK price broke out from the trend line after more than 1,100 days and rose to as high as 0.00045 BTC before falling. The subsequent decline confirmed the 0.00042 BTC area as resistance. Despite the drop, LINK is on the move again and attempting another breakout. If successful, the price could surge by 100%, reaching the next resistance at 0.00075 BTC. If the daily Relative Strength Index (RSI) value is above 50 and the trend is upward, the bulls are still at an advantage, but if the reading is below 50, the opposite is true. The RSI is above 50 and rising, which could be a sign of a bullish trend. Despite this bullish outlook for LINK’s price, failure to break above $0.00042 could trigger a 40% drop towards the nearest support at 0.00022 BTC.
Bullish Momentum in FXS
The price of FXS had fallen below a decreasing resistance trend line since reaching its all-time high of $0.0012 at the beginning of 2022. The trend line was confirmed several times and led to a drop to 0.00013 BTC in November 2023. Since then, the price has increased and broke out from the trend line two weeks ago, which had been in place for approximately 730 days. Previously, the weekly RSI could indicate a bullish trend for more than six months. Such a divergence can be rare and often leads to a reversal of the bullish trend. If the FXS rally continues, the price could reach the resistance at 0.00048 BTC, which is over 100% above the current price.
