February was a bullish month for the cryptocurrency market, nearly leading to a new all-time high for Bitcoin (BTC) and other altcoins.
This analysis explores lesser-known altcoins showing promising trends, suggesting potential for significant gains in the coming month, focusing on cryptocurrencies ranked between 150 and 300 by market capitalization.
ANKR Breaks Out From Long-Term Resistance
The ANKR price had fallen under a descending resistance trend line since May 2022. The trend line caused three notable rejections, all creating long upper wicks. However, ANKR began an upward movement in February 2024 and broke out from the 644-day descending resistance trend line.
The weekly Relative Strength Index (RSI) legitimizes the breakout since it increased above 50 while the price broke out. This momentum indicator identifies overbought or oversold conditions and decides whether to accumulate or sell an asset. Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
If the increase continues, ANKR can rise by another 30% and reach the $0.050 resistance area.
Despite the bullish ANKR price prediction, failure to sustain the increase can trigger a 30% drop to the descending resistance trend line at $0.027.
Raydium (RAY) Breakout and Retest
The RAY price has increased since October 2023. The upward movement led to a high of $1.99 in December before the price started to correct. Despite the decrease, RAY bounced at the $1 horizontal support area last week and began an upward movement.
Since the bounce, RAY is breaking out from a shorter-term descending resistance trend line. Even though the RSI has fallen since December 2023, it is still above 50 and seemingly regained its footing this week. If the breakout is successful, RAY can increase by 200% to the next resistance at $3.70.
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Despite the bullish RAY price prediction, a close below $1 will invalidate the breakout and trigger a 70% drop to $0.35.
MASK Network (MASK) Concludes Lesser-Known Altcoins
The MASK price had fallen under a descending resistance trend line since August 2021. The trend line caused numerous rejections, the most recent in December 2023. However, the altcoin began an upward movement at the start of 2024 and broke out from the trend line last week.
If the bullish momentum continues, MASK can increase by another 50% and reach the next resistance at $7.
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Despite the bullish MASK price prediction, failure to sustain the increase can trigger a 23% drop to the descending resistance trend line at $3.60.
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