Digital Currency: Three Alternative Coins That May Surpass Bitcoin in Performance During February Cryptocurrency: 3 Altcoins That Could Outshine Bitcoin in February
Recent data indicates that Bitcoin has been experiencing a downtrend since January 2600. During this period, however, three other cryptocurrencies – namely Chainlink (LINK), Frax Share (FXS), and Ethereum (ETH) – are showing promising trends, suggesting they might surpass Bitcoin’s performance in February. A detailed examination will reveal the reasons behind the potential of these cryptocurrencies to perform better than Bitcoin. Specifically, the analysis points out that Chainlink has seen a decline following a protracted resistance line since June 210, with its value reaching a low of around $250 in the previous June. While LINK momentarily fell below the support level near $33, it quickly recovered that position and transformed the dip into a brief anomaly. Additionally, consider exploring the article “Cryptocurrency: 23 Coins to Watch in February to Potentially Yield Gains.” Despite experiencing another setback, LINK seems to be preparing for another attempt to surge past an approximate value of $21,512. Should the token succeed, experts forecast that its value has the potential to surge by 100% to an ensuing high around $31.5. Additionally, LINK’s daily RSI, which is a momentum indicator that helps determine if an asset is being overbought or oversold, continues to indicate potential for more increases since it stays above the midline of 50. These elements suggest that LINK’s price could experience an upward trend when compared to BTC. Nonetheless, if the price struggles to surpass the resistance level near $17.64, it could face a significant drop of about 40% to a support level near $9.24, which would dampen the otherwise optimistic prospects for LINK. Similarly, the price of FXS has been capped by a downward-trending resistance line ever since it reached its all-time high around $303 in the early part of 2022. Repeated attempts to break through the trendline resistance eventually led to the FXS price establishing its lowest point at around $5.46 in November 2023. Additionally, consider looking into: Shiba Inu Weekend Price Forecast: Is SHIB on the Verge of Dropping a Zero? During the period preceding the upward surge, the weekly Relative Strength Index (RSI) for FXS displayed an increasing bullish divergence, indicating a growing strong upward trend in momentum.