3 Potential Altcoins Set to Surpass Bitcoin this February

• Alternative Cryptocurrencies Show Signs of Outperforming Bitcoin
• Chainlink Overcomes Long-term Resistance
• Frax Share Establishes a Solid Base
• Ethereum Displays Potential for Reversal
• Conclusion

Alternative Cryptocurrencies Show Signs of Outperforming Bitcoin

Recent market analysis indicates that Bitcoin$42,260 -0.64%'s price has been on a downward trajectory since January 14. In contrast, three alternative cryptocurrencies (altcoins), namely Chainlink$15.6 -4.61% (LINK), Frax$0.997 -0.21% Share (FXS), and Ethereum$2,315 -2.42% (ETH), are demonstrating positive momentum. They could potentially outperform Bitcoin in the upcoming month. In-depth analysis reveals why these altcoins might be on track for an impressive performance this February.

Chainlink Overcomes Long-term Resistance

Chainlink has been grappling with a long-term descending resistance line since June 2020, reaching its lowest point at roughly $7.56 in June last year. Despite temporarily breaking support around $9.66, LINK managed to swiftly recover to that level, transforming the slump into an anomaly.

Despite another drawback, LINK seems to be preparing for another attempt at surging above roughly $17.64. If successful, predictions suggest that the token's price could increase by 100% to the next barrier of approximately $31.5. Furthermore, LINK's daily Relative Strength Index (RSI), a measure used to determine whether an asset is overbought or oversold, continues to promote further gains as it sustains above 50.

Both these factors suggest a positive price movement for LINK in comparison to BTC in the near future. However, failing to break the resistance at about $17.64 could trigger a 40% fall back towards support around $9.24, potentially moderating the optimistic outlook for LINK.

Frax Share Establishes a Solid Base

FXS share price has also been held back by a descending resistance line since recording its all-time high of around $50.4 early in 2022. This trendline resistance was tested multiple times, resulting in FXS hitting its lowest at approximately $5.46 in November 2023.

In the run-up to the upward breakout, FXS' weekly RSI indicator exhibited a bullish divergence, indicating an intensifying positive momentum. Currently trading above resistance, analysts anticipate that FXS could surge by another 100% to challenge the next obstacle around approximately $20.16.

Ethereum Displays Potential for Reversal

Completing the trio of potentially high-performing altcoins, the price of Ethereum has been closely following an ascending support trendline for over 1,600 days. After retesting this crucial support at the start of January, ETH rebounded strongly, marking a large bullish surge.

To confirm this bullish trend reversal, analysts are keen to see Ethereum break the nearby descending resistance (currently around approximately $2730). A confirmed breakout could prime the cryptocurrency for a 50% uplift towards significant resistance at approximately $3360.

On the contrary, failure to sustain above support could prompt a 30% drop towards roughly $1512. Nevertheless, optimism remains high for Ethereum, the second-largest cryptocurrency, largely due to the encouraging momentum indicators.

Conclusion

In conclusion, as Bitcoin seemingly struggles to find its next major move, LINK, FXS, and ETH look ready to surpass it in February, provided their respective technical indicators prove accurate.

Edited by Jonathan Stoker