Top Three Altcoins That Could Eclipse Bitcoin in April 2024
April altcoins show potential to outperform Bitcoin, with ALGO displaying a “Golden Cross” formation, suggesting a new bullish rally. GT gains momentum, surging 98.10% in the past month, while CAKE targets its highest price since May 2022. ALGO, GT and CAKE are showing bullish trends, supported by EMA signals, indicating potential for further growth in April.
April altcoins are laying the groundwork for a potential market upheaval, and are expected to significantly overshadow Bitcoin (BTC). Among them, ALGO stands out for its recent “Golden Cross” formation on the 4-hour price chart, an indicator that could herald the beginning of a new bull run.
GT has captured attention by surging an impressive 98.10% in the past month. Its price trajectory suggests that this bullish trend could intensify in April. Meanwhile, CAKE is poised to hit its highest price since May 2022, presenting a compelling case for investors seeking lucrative opportunities outside of Bitcoin’s dominance.
ALGO Forms a “Golden Cross”
Algorand is a decentralized, secure and scalable platform for digital currencies and smart contracts. Its price grew by almost 17% this year. Although its growth continues to lag behind other cryptocurrencies, ALGO could be gearing up for a major bull run, as its 4H price chart shows that its EMA lines recently formed a “Golden Cross.”
Exponential moving averages (EMAs) are moving averages that give greater weight and importance to more recent data points, making them especially sensitive to new market information.
The golden cross is a bullish signal seen on price charts, which occurs when a shorter-term EMA crosses above a longer-term EMA. This positive signal suggests that a market could be turning from a bearish to bullish trend, indicating possible long-term growth.
If the uptrend continues, ALGO will likely test its previous resistance at $0.32. If there is a breakout, Algorand could continue rising in April to test the next resistance at $0.41.
GT Gaining Momentum
GateToken (GT) is the base token of the Gate.io exchange, designed to enable a multitude of features and services within its ecosystem. It is only 22.19% below its all-time high (ATH), reached on May 12, 2021. The altcoin is up 98.10% over the past month, reaching the $10 price level for the first time since May 10. May 2021.
The 4H GT chart shows an uptrend. The 20, 50, 100 and 200 period EMAs are aligned in a bullish pattern. The 20 period EMA leads this lineup, hinting at strong momentum. Prices exceed these averages.
The price candlesticks remain above the 20-period EMA. This confirms the trend and suggests that buyers are in control. The pattern of rising lows and highs also indicates an uptrend.
If this holds, GT could re-touch its old high of $12.83. Technical signals and market activity suggest a promising outlook for GT in the short to medium term. They point to possible continued increases.
CAKE On Track to Reach Its Highest Price Level Since May 2022
PancakeSwap is a decentralized financial (DeFi) platform where users can participate in cryptocurrency trading, earn rewards through staking and farming, participate in lotteries, and have a say in governance decisions.
CAKE grew by 48.54% in the last month, but is still 89.42% below its ATH reached in April 2021. This suggests that CAKE has a lot of room to grow.
CAKE price is near the resistance of $5.03. A break above it could extend the uptrend. This is due to the bullish setup of the EMAs. The EMAs could provide support if the price falls.
By Audy Castaneda