ALGO, among April’s promising altcoins, shines with its recent “Golden Cross” on the 4-hour chart, signaling a potential start to a new bullish trend.
GT has surged by an impressive 98.10% in the past month, indicating a strong uptrend that could continue in April. Meanwhile, CAKE is on track to reach its highest price since May 2022, making it an attractive option for investors seeking profitable opportunities beyond Bitcoin.
Algorand: Poised for a Bull Run
Algorand (ALGO) operates as a decentralized platform facilitating digital currency and smart contracts, boasting features of security and scalability. It employs a variant of Proof-of-Stake (PoS) called Pure PoS (PPoS) to ensure network security and consensus for block production.
Despite a modest 17% growth this year, ALGO’s recent price chart signals a potential surge. The formation of a “Golden Cross” on its 4-hour chart suggests an impending bullish trend.
Golden Crosses occur when a shorter-term Exponential Moving Average (EMA) surpasses a longer-term EMA on price charts, indicating a shift from a downtrend to an uptrend. This phenomenon is often interpreted as a positive sign, hinting at possible long-term growth.
Should the upward trend persist, ALGO might challenge its previous resistance level at $0.32. A breakthrough could propel Algorand towards testing the next resistance at $0.41 throughout April.
GateToken (GT): Driving Growth on Gate.io
GateToken (GT) serves as the fundamental utility token powering operations within the Gate.io exchange platform. It offers users a range of functionalities within the ecosystem, including covering trading fees, participating in token sales, accessing exclusive features and promotions, and enjoying discounts and rewards.
Despite being 22.19% below its all-time high (ATH) recorded on May 12, 2021, GT has experienced significant growth recently. Over the past month, the coin surged by 98.10%, breaching the $10 price level for the first time since May 10, 2021.
Analyzing the 4-hour chart for GT reveals a promising upward trend. The Exponential Moving Averages (EMAs) for 20, 50, 100, and 200 periods align in a bullish pattern, with the 20-period EMA indicating robust momentum. Price candles consistently remain above the 20-EMA, affirming the bullish trend and suggesting buyer dominance.
Furthermore, the pattern of rising lows and highs reinforces the uptrend, indicating favorable market conditions. If this trend persists, GT may revisit its previous high of $12.83 from April, indicating a positive outlook for GT in the near to medium term. Technical indicators and market activity collectively support the potential for continued growth in GT’s value.
PancakeSwap (CAKE): Driving DeFi Innovation on Binance Smart Chain
PancakeSwap stands as a leading decentralized finance (DeFi) platform, offering users a diverse range of services including cryptocurrency trading, staking, farming, lotteries, and governance participation. Operating on the Binance Smart Chain, PancakeSwap prioritizes low transaction costs and rapid processing, enhancing user experience. Its native coin, CAKE, plays a central role within the ecosystem.
Despite recent growth, CAKE remains significantly below its all-time high (ATH) reached in April 2021, indicating ample room for potential expansion.
Analyzing the 4-hour chart for CAKE reveals a bullish trend, with short-term Exponential Moving Averages (EMAs) (20 and 50) positioned above long-term EMAs (100 and 200), signifying sustained momentum. Currently, CAKE’s price hovers near the $5.03 resistance level. A breakthrough above this resistance could extend the ongoing uptrend, supported by the bullish EMA configuration, which may provide a buffer in case of price dips.
Looking ahead, CAKE targets its previous high of $7.71 from May 2022. However, achieving this milestone requires maintaining bullish momentum and strong buy support. Moreover, surpassing the $5.03 level may establish it as a new support, although investors should remain cautious. The journey towards $7.71 entails overcoming several resistance levels, each potentially testing the strength of the uptrend. Vigilance is essential as CAKE navigates these challenges on its path to potential growth.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
