The cryptocurrency market experienced significant volatility in March, with Bitcoin leading a rally that soared beyond its previous peak, reaching heights of over $73,500. However, this upswing was short-lived as prices retracted and continued to fluctuate throughout the month. As we step into April, the spotlight turns to a couple of altcoins that might outshine Bitcoin’s recent performance.
Algorand’s Bullish Momentum
Algorand, a platform designed for decentralized and scalable smart contracts, secured by a unique Pure Proof-of-Stake mechanism, has inked a 17% price rise throughout the year. Despite trailing behind its competitors initially, Algorand’s market indicators suggest an impending uptick. Technical analysis revealed a ‘golden cross’ on the 4-hour chart, a bullish sign hinting at a possible shift from a bearish to a bullish trend, potentially forecasting long-term growth.
Should this positive trend persist, Algorand is expected to challenge its previous resistance level at $0.32. A breakthrough could set the stage for the cryptocurrency to target the next resistance mark at $0.41 during April.
GateToken Set for Potential Rally?
GateToken, the utility token of the Gate.io exchange, is making waves as it approaches its all-time high from May 2021, currently only 22.19% below. With a notable 98.10% value surge in the past month, GateToken recently crossed the $10 threshold, marking its first time since May 2021.
The ascending trajectory of GateToken is evident on the 4-hour chart, with exponential moving averages lining up to signal an uptrend. The consistent price candles above the 20-EMA suggest buyer dominance, and the pattern of increasing lows and highs supports the trend analysis. Should the momentum maintain, GateToken is poised to retest its previous high of $12.83 in April.
