April's altcoins are setting the stage for a potential market shakeup that is expected to significantly outperform Bitcoin (BTC). Among these, ALGO stands out with its recent “Golden Cross” formation on the 4-hour price chart, an indicator that could herald the start of a new bull run.
Additionally, GT has attracted attention with an impressive growth of 98.10% in the last month. Price action suggests that this uptrend could strengthen in April. Meanwhile, CAKE is on the verge of reaching its highest price since May 2022, making a compelling case for investors looking for lucrative opportunities outside of the Bitcoin space.
ALGO has just founded a “Golden Cross”.
Coin: Algorand (ALGO)
Price: $0.27
Market capitalization: $2.26 billion
Algorand is a decentralized, secure and scalable digital currency and smart contracts platform. The protocol uses a variant of Proof-of-Stake (PoS), known as Pure PoS (PPoS), and ensures network security and achieves consensus for block production.
ALGO price rose almost 17% this year. Although its growth still lags behind other coins, ALGO could be gearing up for a huge bull run as its 4H price chart shows that its EMA lines have just formed a “golden cross.”
ALGO 4H price chart and EMA lines. Source: TradingView.
Exponential moving averages (EMAs) are moving averages that give greater weight and importance to the most recent data points, making them particularly responsive to new market information.
The golden cross is a bullish signal observed on price charts and occurs when a short-term EMA crosses above a longer-term EMA. This event is seen as a positive sign, indicating that a market could be moving from a downtrend to an uptrend, indicating possible long-term growth.
Read more: Algorand (ALGO) price prediction 2024/2025/2030
If the uptrend continues, ALGO is likely to test its previous resistance at $0.32. If this is broken, Algorand could continue rising and test the next resistance at $0.41 in April.
Altcoins to buy in April: GT is gaining momentum
Coin: Gatetoken (GT)
Price: $10.10
Market capitalization: $1.33 billion
GateToken (GT) serves as the core utility token of the Gate.io exchange platform and is designed to enable a variety of features and services within its ecosystem. Users who own GT can use the token to cover trading fees, participate in token sales, gain access to unique features and promotions, and benefit from discounts and rewards.
GT is just 22.19% below its all-time high (ATH) reached on May 12, 2021. The coin grew by 98.10% over the past month and reached the price level of $10 for the first time since May 10, 2021.
GT 4H price chart and EMA lines. Source: TradingView.
The GT 4H chart shows a rising trend. The 20, 50, 100 and 200 period EMAs form a bullish pattern. The 20-period EMA leads this lineup, indicating strong momentum. Prices exceed these averages.
The price candles remain above the 20-EMA. This confirms the trend and suggests that buyers are in charge. The pattern of rising lows and highs also signals an uptrend.
If this continues, GT could retest its old high of $12.83 from April. The technical signs and market activity point to a strong outlook for GT in the short to medium term. They indicate possible further profits.
CAKE is on track to reach its highest price level since May 2022
Coin: PancakeSwap (CAKE)
Price: $4.64
Market capitalization: $1.15 billion
PancakeSwap is a decentralized finance (DeFi) platform where users can engage in cryptocurrency trading, earn rewards through staking and farming, participate in lotteries, and have a say in governance decisions. It runs on the Binance Smart Chain and emphasizes reduced transaction costs and fast processing. CAKE is its native coin.
CAKE has grown 48.54% over the last month but is still 89.42% below its April 2021 ATH. This suggests that CAKE has plenty of room for growth.
CAKE 4H price chart and EMA lines. Source: TradingView.
The CAKE 4-hour chart shows an uptrend. Short-term EMAs (20 and 50) are above the long-term ones (100 and 200). This signals continued momentum. CAKE price is near the resistance at $5.03. A break above could extend the uptrend. This is due to the bullish EMA setup. The EMAs could provide support if the price declines.
Read more: 3 hidden gem altcoins to watch out for in April
CAKE is targeting the high of $7.71 in May 2022. To get there, the uptrend must be sustained and support acquired. If it breaks above $5.03, this level could become new support. Still, investors should be careful. Several resistances must be overcome on the way to $7.71. Anyone could test the strength of the uptrend.
Disclaimer
In accordance with Trust Project policies, this pricing analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimers have been updated.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.