April’s altcoins are laying the groundwork for a potential shake-up in the market, with forecasts suggesting they could outperform Bitcoin (BTC) by a significant margin. Notably, ALGO has caught attention with its recent formation of a “Golden Cross” on the 4-hour price chart, a signal that may signal the start of a new bullish trend.
Meanwhile, GT has emerged as a standout performer, posting an impressive 98.10% growth over the past month. The trajectory of its price suggests that this upward trend could gain further momentum throughout April. Additionally, CAKE appears poised to reach its highest price since May 2022, presenting an enticing opportunity for investors seeking profitable ventures beyond Bitcoin.
ALGO’s “Golden Cross” Formation:
Coin: Algorand (ALGO)
Price: $0.27
Market Cap: $2.26B
Algorand operates as a decentralized, secure, and scalable platform for digital currency and smart contracts, utilizing a variant of Proof-of-Stake (PoS) called Pure PoS to ensure network security and consensus for block production.
ALGO has witnessed approximately 17% growth since the beginning of the year. While its growth rate may lag behind other coins, ALGO appears primed for a significant bull run, as indicated by its 4-hour price chart displaying a “Golden Cross.”
Exponential Moving Averages (EMAs), which assign greater weight to recent data points, are used to identify this bullish signal. The “Golden Cross” occurs when a shorter-term EMA crosses above a longer-term EMA, signaling a potential shift from a downtrend to an uptrend, with prospects for long-term growth.
Looking ahead, if the current uptrend persists, ALGO is likely to test its previous resistance level at $0.32, potentially advancing further to challenge the next resistance at $0.41 throughout April.
GT Gains Momentum:
Coin: Gatetoken (GT)
Price: $10.10
Market Cap: $1.33B
Gatetoken (GT) functions as the fundamental utility token of the Gate.io exchange platform, facilitating various functions and services within its ecosystem. GT holders can utilize the token for covering trading fees, participating in token sales, accessing exclusive features and promotions, and enjoying discounts and rewards.
GT is currently trading around 22.19% below its all-time high (ATH) reached on May 12, 2021. Over the past month, the coin has surged by an impressive 98.10%, reaching the $10 price level for the first time since May 10, 2021.
Analyzing the GT 4-hour price chart, a bullish trend is evident, with EMAs for 20, 50, 100, and 200 periods aligning in a bullish pattern. The 20-period EMA leads this lineup, indicating robust momentum, while prices remain above these averages, confirming the uptrend and suggesting buyer dominance.
If the current momentum persists, GT may retest its previous high of $12.83 from April. Technical indicators and market activity point toward a positive outlook for GT in the near to medium term, indicating potential for further gains.
