The altcoin market experienced a surge in January, especially with the Official Trump meme coin gaining significant attention after Donald Trump’s return to the White House. Multiple all-time highs were recorded within hours, making it a rocky month for the market. While some cryptocurrencies reached record highs only to drop shortly after, others have shown resilience and are now approaching key price levels. This sets the stage for a potential rally in February.
Historically, February has been a bullish month for cryptocurrencies, with Bitcoin and Ethereum typically seeing an uptick in value. Data from CoinGlass shows that Bitcoin has only experienced two price drops in February since 2013, with a notable 43.5% surge last year. Similarly, Ethereum has seen only one decrease in February since 2017, recording a gain of over 46% in the same period.
Binance Coin (BNB) has been gradually climbing in price, aiming to maintain a level above $680. Despite some resistance, the BNB/USDT trading pair is eyeing the $700 mark, with the Relative Strength Index (RSI) signaling potential buying interest. If the price breaks above $700, a bullish trend could be on the horizon for February.
Jito’s price has shown some volatility, touching $3.5 but failing to sustain buyer demand. Currently trading at $3.37, there is resistance at the 50-day average price of $3.63. However, the JTO/USDT pair could potentially climb to $4.3 and even $5.6 in the near future.
On the other hand, Ondo’s price has struggled to push past the $1.5 mark, with sellers aiming to keep it below the trend line at $1.3. If successful, the ONDO/USDT pair could drop to the 50-day average price of $1.1. However, a breakthrough above $1.65 could signal a potential new all-time high for Ondo in the coming days.
Overall, February holds promise for the cryptocurrency market, with historical trends and current price movements indicating a potential bullish run for various altcoins. Investors should keep a close eye on key price levels and technical indicators to capitalize on potential opportunities in the market.