The editors of BeInCrypto have compiled a list of the five most promising altcoins in April.Upcoming events in their ecosystems can support the positive dynamics of these coins
The list of the most promising altcoins in April includes Ethereum (ETH), PancakeSwap (CAKE) and iExec RLC (RLC), which will upgrade their networks.EOS will finally launch the Ethereum Virtual Machine (EVM), and IoTeX (IOTX) will implement a hard fork.
Ethereum (ETH) Tops the List of Interesting Altcoins
– Current price: $1800
– Market capitalization: $219.5 billion
– Position in the ranking of cryptocurrencies: #2
ETH – native token
blockchain Ethereum, co-founded by crypto industry heavyweight Vitalik Buterin.In the fall of 2022, the entire project migrated from the energy-intensive Proof-of-Work (PoW) consensus mechanism to the Proof-of-Stake (PoS) algorithm, which became a significant milestone in the history of Ethereum.
Now members of the crypto community are waiting for the release of the April Shanghai update.Recall that the upgrade, as conceived by the developers, will give ETH owners access to the withdrawal of cryptocurrency from staking.Ethereum developers will activate the Shapella hard fork on the cryptocurrency mainnet on April 12, 2023.
The update will take place in epoch #194048.
Information about this appeared on the official website of the project.
The results of the technical analysis of the daily chart show that the Ethereum price is set very strongly.The price has been actively strengthening since March 10 and on March 17 it recovered above the $1700 area.
After another 10 days, she successfully turned that area into support (green icon).
In addition, the daily RSI broke the bearish divergence trend line and rose above 50.
If the growth continues, the ETH rate may target $2,000.Meanwhile, a close below $1700 would reverse this bullish scenario and could trigger a fall towards the $1450 support.
Read also: Can Ethereum break $2,500 amid growing interest in DeFi
PancakeSwap (CAKE) launches protocol version v3
– Current price: $3.67
– Market capitalization: $671 million
– Position in the ranking of cryptocurrencies: #68
In the first week of April, decentralized exchange PancakeSwap will launch the third version of the protocol.According to the published announcement, the new version of PancakeSwap v3 will be accompanied by a number of service upgrades such as more competitive trading fees and improved liquidity provision.The platform will also launch a rewards campaign and giveaway of a native exchange token (CAKE) for those who deposit a certain amount of funds into the platform’s liquidity pools.
The CAKE rate has been trading inside a long-term symmetrical triangle since June 2022.
Now the price is very close to the support line of this triangle.
The future trend will depend on the price action in the area.A bearish break could trigger a fall towards $3.20.In case of a rebound, growth towards $4.70 is possible.
EOS to introduce Ethereum Virtual Machine
– Current price: $1.20
– Market capitalization: $1.3 billion
– Position in the ranking of cryptocurrencies: #42
Ecosystem EOS
Launches On April 14, the Ethereum Virtual Machine (EVM) virtual machine, which has been in development for over a year.After the update, the EOS code will become compatible with Ethereum, which will allow developers to integrate existing Ethereum tools and applications into the network.
Recall that the EVM virtual environment supports, in particular, the execution smart contracts and operation of DeFi projects.The upgrade is expected to provide interoperability and high speed operations.
EOS has been moving along a downward resistance line since August 2022.In the event of a breakout, the price could quickly rush to the next resistance at $1.50.
If the token bounces again, we may see a drop to the short-term upward support line at $0.96.
iExec RLC (RLC) and one more upgrade
– Current price: $1.7
– Market capitalization: $137.8 million
– Position in the ranking of cryptocurrencies: #188
iExec is a cloud-based distributed computing platform based on the Ethereum blockchain, which is a decentralized marketplace where users can rent and rent computing power and data centers.RLC is the platform’s native token.
At the end of March the project
launched updated version of network v8.
The upgrade should significantly improve the speed and scalability of the protocol, providing high computing power.
The RLC fell below the $1.55 horizontal area (green circle) on March 10, but quickly recovered above it.This is a bullish sign that often precedes a rise in price.In this case, the token could move towards the $2.55 resistance area.
Otherwise, a close below $1.55 could see a fall towards the rising support line at $1.20.
Iotex (IOTX) to Hard Fork
– Current price: $0.025
– Market capitalization: $242 million
– Position in the ranking of cryptocurrencies: #137
The token of the IoTeX project closes the top list of altcoins, which on April 4
activates hard fork on block 22 991 401.
IOTX bounced off the $0.022 horizontal support area on March 10 and has been strengthening since then.A continuation of the rise could aim the bulls at the long-term downward resistance line at $0.030.
On the other hand, a close below $0.022 could trigger a new all-time low.
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