5 Altcoins You Should Keep an Eye on in February

Horizen (ZEN), Radiant Capital (RDNT), Injective (INJ), Beldex (BDX), and SKALE (SKL) are all altcoins that have interesting developments lined up in February, which could positively affect their price.

January was a mixed month for the cryptocurrency market, characterized by a sharp increase at the beginning of the month that reversed on January 14. The five altcoins below could draw considerable attention in February 2024.

Horizen Performs Network Upgrade

Price: $7.98
Market Cap: $115,028 million
Rank: #314

ZEN 5.0.0 will initiate a Mainnet upgrade via Hard Fork at block #1502800 on February 7th, 2024. After this upgrade, transactions involving shielded addresses will be disabled. Shielded transactions offer enhanced privacy using zk-SNARK cryptographic techniques.

Despite this positive announcement, the ZEN price action is not bullish yet. The daily time frame shows that the price has fallen under a descending resistance trend line since November 8, 2023.

The trend line has been validated numerous times, more recently on January 12, 2024 (red icon). After the rejection, ZEN also fell below $9.20, a horizontal area previously providing support.

The daily Relative Strength Index (RSI) also supports the decrease. The RSI is below 50 and falling, both considered bearish signs.

Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset. If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.

If ZEN continues to fall, it can decrease by another 30% and reach the closest support at $5.80.