Altcoins are showing new strength in early February, with some tokens approaching their all-time highs. Strong momentum, increasing inflows, and good technical patterns are bringing some names into focus.
Therefore, BeInCrypto has analyzed three altcoins that may challenge or set new all-time highs during the first week of February.
Rain (RAIN)
RAIN is trading near 0.0094 USD right now and is still below the resistance at 0.0100 USD. The altcoin is about 11% from its all-time high of 0.0105 USD. The price is being pressed near resistance, indicating growing interest as buyers test boundaries.
Momentum indicators show stability in the short term. The Money Flow Index is above neutral level, indicating that buyers are still active. Persistent demand reduces the risk of a sharp decline. RAIN thus has room to attempt to move higher and challenge its all-time high.
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The overall structure is still concerning. RAIN is trading in an ascending wedge, a pattern that often precedes price declines. A breakout above ATH may face resistance at the trendline and turn downward. If the price fails to hold 0.0100 USD, it could drop to 0.0090 USD and negate the positive picture.
Kite (KITE)
KITE became one of the strongest altcoins of the week and rose 22%. It is currently trading near 0.141 USD. The token is above the support level of 0.138 USD. This structure shows that demand remains and investors continue to show interest after the recent price increase.
To reach its highest value of 0.163 USD, KITE needs to rise 14.8%. A breakout above the resistance of 0.150 USD would confirm continued strength. The Chaikin Money Flow is still above zero, so the inflow continues. Even though the inflow is slightly decreasing, it could provide more upside in the short term.
The downside risk increases if KITE loses support at 0.138 USD. It would also break the current upward trend. Significant outflows could increase selling pressure. If that happens, KITE could drop to 0.116 USD and weaken the positive situation, delaying recovery.
Stable (STABLE)
STABLE has become a strongly performing small token this week, with an increase of 32% over seven days. The altcoin is currently trading near 0.0271 USD. This rise shows increased demand and greater visibility as traders seek assets with higher momentum.
STABLE reached a new high of 0.0325 USD during the rise, which is approximately 19.9% higher than the current level. It is important to hold 0.0261 USD as support. If the price remains above this zone, it may challenge the ATH and continue the upward trend.
The risk of a price decline increases if owners sell to secure profits. If the price does not hold the support, the rise may stall. If selling pressure increases, STABLE could drop to 0.0214 USD. Such a move would negate positive expectations and signal a longer consolidation.