April altcoins are setting the stage for a potential market upheaval, predicted 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.
Moreover, GT has attracted attention by growing an impressive 98.10% in the past month. Its price trajectory suggests that this upward trend may intensify in April. Meanwhile, CAKE is poised to hit its highest price since May 2022, making a compelling case for investors looking for profitable opportunities outside the Bitcoin domain.
ALGO has just formed a “golden cross”.
Coin: Algorand (ALGO) Price: $0.27 Market Cap: $2.26B
Algorand is a decentralized, secure and scalable platform for digital currency and smart contracts. Using a variant of Proof-of-Stake (PoS) known as Pure PoS (PPoS), its protocol ensures network security and achieves consensus for block production.
ALGO price has grown almost 17% this year. Although its growth still lags behind other coins, ALGO could be gearing up for a major bull run as its 4H price chart shows that its EMA lines have just formed a “Golden Cross”.
Exponential moving averages (EMAs) are a moving average that places greater weight and significance on the most recent data points, making them particularly responsive to new market information.
The Golden Cross is a bullish signal observed on price charts that occurs when a shorter-term EMA crosses above a longer-term EMA. This event is considered a positive sign, indicating that a market may be moving from a downtrend to an uptrend, indicating potential long-term growth ahead.
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 that one is broken, Algorand could continue to rise to test the next resistance at $0.41 in April.
April Altcoins to Buy: GT Gains Momentum
Coin: Gate Token (GT) Price: $10.10 Market Cap: $1.33 Billion
GateToken (GT) serves as the foundational utility token of the Gate.io exchange platform, designed to enable a multitude of functions and services within its ecosystem. Users who hold GT can use the token to cover trading fees, engage in token sales, access unique features and promotions, and take advantage of discounts and rewards.
GT is only 22.19% below its all-time high (ATH), reached on May 12, 2021. The coin has grown by 98.10% in the past month and reached the $10 price level for the first time since May 10, 2021.
The GT 4H chart shows an uptrend. The EMAs for 20, 50, 100 and 200 periods are in a bullish pattern. The 20-period EMA leads this range, indicating strong momentum. Prices beat these averages.
Price candles remain above the 20-EMA. This confirms the trend, suggesting that buyers are in control. The pattern of rising lows and highs also indicates an uptrend.
If it holds, GT could retest its old high of $12.83 from April. The technical signs and market activity indicate a bright outlook for GT in the near to medium term. They point to potential continued gains.
CAKE is on track to reach its highest price level since May 2022
Coin: PancakeSwap (CAKE) Price: $4.64 Market cap: $1.15B
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 choices. It runs on the Binance Smart Chain, with an emphasis on reduced transaction costs and fast processing. CAKE is its original coin.
CAKE has grown 48.54% in the past month, but it is still 89.42% below its ATH reached in April 2021. This suggests that CAKE has a lot of room for growth.
The CAKE 4-hour chart shows a bullish trend. Short-term EMAs (20 and 50) are above the long-term (100 and 200). This indicates continued momentum. CAKE’s price is near the $5.03 resistance. A break above it could extend the uptrend. This is because of the bullish EMA setup. The EMAs can provide support if the price falls.
Read more: 3 Hidden Gem Altcoins to Watch for in April
CAKE is targeting the May 2022 high of $7.71. It needs to continue the bullishness and buy support to get there. If it passes $5.03, that level could become a new support. Still, investors should beware. The path to $7.71 has several resistances to clear. Anyone can test the strength of the uptrend.
Disclaimer
In accordance with the Trust Project Guidelines, this price analysis article is for informational purposes only and should not be construed as 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.
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