Tom, one of the hosts of the CryptoBusy channel, gives details on the five altcoins he expects to dominate the cryptocurrency market in April 2023. Also, prominent analysts share 5 altcoins that they see as bullish potential.
5 tokens that will dominate the altcoin market in April
Before his prediction, Tom points out some developments that shaped the outcome of the crypto market in March 2023. The analyst identifies the actions of the Federal Reserve targeting managed liquidity and the collapse of several major mainstream banks as factors that triggered the bullish sentiment in the crypto market. He believes that the contagion created by these factors will have a long-term impact on the crypto market.
dYdX (DYDX)
As for altcoins, Tom’s first choice is dYdX. According to him, the token could benefit from the challenges Binance is facing. With dYdX at the forefront of the new wave, decentralized exchanges expect an increase in adoption of DEXs.
Polygon (MATIC)
In addition, the analyst gives Polygon tips to perform exceptionally well in the coming months. Tom believes that new updates to the platform for Polygon will qualify it as a viable alternative to Ethereum. Adding to the price action over the past few months, he expects an upside momentum to occur in April that will push Polygon’s token, MATIC, higher.
Zilliqa (ZIL)
Zilliqa is among the top five altcoins of Tom next month. He points out the addition of the Ethereum Virtual Machine (EVM) to the Zilliqa network as a game changer that will increase the price behavior of crypto in April.
Ripple (XRP)
Considering that Ripple’s legal battle with the SEC is nearing its end, XRP is making its way onto Tom’s list. According to Tom, the only expectation of these subjects from XRP is a classic ‘Buy Rumor, Sell News’ situation. It will also support the growth of the cryptocurrency next month.
Ethereum (ETH)
Tom completes his prediction with the leading altcoin Ethereum. Among various developments, he believes the Shanghai update will positively impact ETH and increase the momentum as the coin approaches $2,000 with continued bullish pressure.
Meme coins getting ready to rally hard
According to popular Twitter crypto analyst Altcoin Sherpa, Bitcoin price has reached a technical resistance range of around $28,000. All in all, it makes sense to short Bitcoin at current levels unless the asset registers a high timeframe close above $29,000. According to Altcoin Sherpa, as long as Bitcoin price holds its current position, a strong altcoin pump is imminent. As a result, the analyst thinks that some altcoins can rise as much as a hundred times, while others can bring zero profits. In this context, the analyst makes the following statement:
As long as BTC holds up, I think altcoins still have a strong exit. I’m going to assume meme coins will work last, but hoarding some of these might be good for 100x or $0.
The analyst states that Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB) are some of the meme coins that are likely to outperform other altcoins in the short term. Notably, Dogecoin has consolidated around $0.075 over the past three weeks, after dropping to around $0.063 from its low of this year earlier this month. A pump of Dogecoin in the coming weeks could trigger a bull run in other memes.
This altcoin is enjoying its journey with Bitcoin bulls
Crypto analyst Filip L predicts a 20% rally for EOS. The analyst explains this prediction as follows. EOS price is a perfect example of how altcoins can have the spotlight as larger cryptocurrencies move forward. While the Ripple price and Bitcoin price are rising like a storm, altcoins are on the rise. EOS still has a long way to go, but at this rate, $1.35 could be the ultimate profit taking level later this week.
There is really no hurdle for EOS as the initial R1 resistance is close to $1.30. This is a mark below the March high of $1.35 which is on every bull’s radar. With the clear support of price action and a clean breakout move, a gain of around 20% is almost guaranteed if massive Bitcoin and Ripple can sustain the momentum.
It only comes with the threat of price action exploding, the altcoin price’s dependence on Bitcoin, and Ripple prices continuing to rebound as the Relative Strength Index (RSI) will enter the overbought area. If Bitcoin and Ripple stop their rally, the bulls’ motivation to stay in EOS is gone and the RSI is open to a sharp drop into the oversold zone. Just like that, EOS can flirt with $1.05 and just a 15% loss.
11% rally or 19% drop for ADA
Crypto analyst Aaryamann Shrivastava lays out two scenarios for Cardano (ADA). Trading at $0.3772, Cardano is trying to break the critical resistance level of $0.3984, which also marks the 200-day Exponential Moving Average (EMA). Turning this level into a support base would push ADA towards the 2023 high of $0.4206, signaling an 11% rally. The Relative Strength Index (RSI) supports this narrative as Cardano, sitting in positive territory, has room for growth.
However, failing to breach or sell in the hands of investors could result in a drop in Cardano price. This could lead to a retest of the critical support at $0.3527. Losing the same invalidates the bullish thesis, resulting in a 19% drop to the March low of $0.3014.
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