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AlsoBot team has compiled a list of the five most promising altcoins to watch in February. Upcoming events in their ecosystems can support the positive dynamics of these coins. The list of the most promising altcoins in February included the ADA token of the Cardano project, which launched the Djed stablecoin on January 31. In addition, in February, the Filecoin network will undergo an update, and the Flux network will undergo a halving. The PRIMAL project will launch the mainnet, and Internet Computer (ICP) will host an event dedicated to the most promising DeFi projects. So let’s dive deep into the details with us to know more!

Cardano Tops the List of Interesting Altcoins

Current price: $0.39

Market cap: $13.165 billion

Position in the ranking of cryptocurrencies: #8

On January 31, Cardano developers, in accordance with their earlier promises, launched Djed, a super-collateralized algorithmic stablecoin. This was an important milestone in the development of the Cardano blockchain. The amount of excess collateral for the stablecoin will be 400% – 800%. Thus, as the developers explain, “it will have 4-8 times the base value behind it compared to the total amount of issued Djed coins.” At the moment, we are only talking about beta version 1.1.1, compatible with the Vasil hard fork and with a limited amount of liquidity. Version 1.3 will significantly increase liquidity and add support for staking. However, the rate of ADA, the native token of the Cardano network, ignored such a significant event for the ecosystem. According to the results of technical analysis, the Cardano rate has increased by 67% since the beginning of the year. On January 9, the price made a bullish breakout of the long-term descending resistance line. Now the coin is trading near the $0.42 resistance area. The further direction of the trend will largely depend on whether the bulls manage to take this barrier, or the price bounces off it. In the event of a bullish breakout, Cardano would accelerate its momentum towards $0.52, and a rebound could see a retest of the $0.33 support area.

Filecoin refreshes the network

Current price: $5.13

Market cap: $1.916 billion

Position in the ranking of cryptocurrencies: #33

The Filecoin project is a decentralized storage system for files of various formats, including NFTs. It seeks to move away from the traditional scheme of storing information on the centralized servers of large corporations. The decentralized approach increases the security of the process and allows you to bypass censorship.

In February, the project is launching the Filecoin Virtual Machine (FVM), which will be rolled out in phases to avoid the risk of outages. FVM will be compatible with the Ethereum EVM virtual machine, supporting its smart contracts. As in the case of Cardano, the FIL price also made a bullish breakout of the descending resistance line (January 8). The price then recovered above the $5 resistance area and turned it into support on January 25 (green icon). The next resistance is at $6.50. The trend will remain bullish until the price closes below $5. In this case, a decline to the ascending support line at $4.50 cannot be ruled out.

Internet Computer Hosts DeFi Event

Current price: $5.88

Market cap: $1.672 billion

Position in the ranking of cryptocurrencies: #38

Internet Computer (ICP) is an open source decentralized blockchain project from the Swiss company Dfinity Foundation. His task is to improve the outdated IT industry and the Internet. The startup’s tech solutions aim to turn the internet into a kind of large decentralized computer, making it open to the public and free from the influence of big tech companies like Google or Amazon. Internet Computer tools should lay the foundation for the third generation Internet Web 3.0. The network also supports the development of smart contracts. On February 6, Internet Computer will host an event dedicated to the most promising DeFi projects. The ICP price made a bullish breakdown of the descending resistance line on December 28 and reached a high of $6.28. However, the coin still remains below the Fibo 0.5 correction level at $6.58. If this level is breached, the market could target the next resistance at $7.15. Meanwhile, in case of a rebound, a retest of the $5 support area is not ruled out.

Flux reduces block rewards

Current price: $0.96

Market cap: $272,296 million

Position in the cryptocurrency rating: #125

Flux is a decentralized Web3 infrastructure that powers many decentralized applications (dApps). Its native token is called FLUX and is used to buy resources and pay rewards to miners/node operators. On February 4, a halving will occur in the project network at block 1,310,700 and the reward for the size of the mined FLUX block will be reduced from 75 to 37.5 FLUX. However FLUX broke through the $0.92 resistance area and turned it into support on January 30th. If the rise continues, the next resistance will come into play at $1.43. Meanwhile, a close below the $0.92 area could trigger a fall towards $0.69.

PRIMAL launches mainnet

Current price: $0.014

Market capitalization: $5.269 million

Position in the cryptocurrency rating: #2656

The project combines two popular concepts: sports tokens in the style of STEPN and fan tokens in the style of Chiliz. On February 2, PRIMAL plans to launch the main network. The PRIMAL price hit an all-time high of $0.014 on January 20, and five days later tested the strength of the horizontal $0.009 area as support. As a result, a long lower wick (green icon) appeared on the chart. If the price continues to rise, the next resistance at $0.015 (Fibo level 1.61 external correction of the previous decline) will come into play. On the other hand, a close below $0.009 could trigger a drawdown towards $0.007.