Altcoins are showing new strength at the beginning of February, and selected tokens are approaching all-time highs. Strong sentiment, rising investments, and favorable technical setups are highlighting a few names clearly.
BeInCrypto has analyzed three altcoins that could challenge or reach new all-time highs in the first week of February.
Rain (RAIN)
RAIN is currently priced at about 0.0094 dollars, staying below the 0.0100 dollar resistance level. The altcoin is about 11% away from its all-time high of 0.0105 dollars. The price squeeze at the resistance level indicates growing interest from buyers as upper limits are tested.
Sentiment indicators support short-term stability. The Money Flow Index remains above neutral, indicating active buying conditions. Ongoing demand reduces the risk of a sudden decline. This gives the RAIN coin room to aim higher and challenge its all-time high quote.
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Broader structures still raise concerns. RAIN is trading in an ascending wedge, a pattern that often predicts price declines. A potential rise above the all-time high could face resistance from the trend line and reverse. If the level of $0.0100 cannot be broken, the price could fall towards $0.0090 and nullify the upward outlook.
Kite (KITE)
KITE has risen among the week's strongest altcoins, and its value has increased by 22% with a quote currently around $0.141. The token remains above the support level of $0.138. This structure indicates ongoing demand and investor interest following the recent price rally.
To reach the all-time high of $0.163, KITE would need to rise by 14.8%. A rise above the resistance level of $0.150 would confirm the continuation of the uptrend. The Chaikin Money Flow remains above zero, indicating that investments continue. Even as investments taper off, they could still support an upward trend in the short term.
The downward pressure increases if KITE loses the support level of $0.138. In this case, the prevailing upward trend would break. Strong outflows could accelerate selling pressure. In this situation, KITE could drop towards $0.116, which would nullify the upward outlook and push any potential recovery further back.
Stable (STABLE)
STABLE surged strongly this week among the profitable smaller tokens, increasing its value by 32% over the last seven days. The altcoin is quoted near $0.0271 at the moment of writing. The rise reflects growing demand and visibility as traders seek assets with a larger sentiment.
During the price rally, STABLE reached a new record at $0.0325, which is approximately 19.9% higher than the current quote. Maintaining the support level of $0.0261 is crucial. Continued strength above this area could allow for a challenge of the ATH and the continuation of the uptrend.
The risk of decline remains high if holders start to cash in their profits. If support fails, the price rally may stop. Under stronger selling pressure, STABLE could drop towards $0.0214. Such a move would nullify the upward outlook and indicate a deeper consolidation phase.