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The month of March brought incredible price fluctuations in cryptocurrencies. As the first week came to a close, Bitcoin experienced a remarkable surge, burying its 2021 all-time high (ATH) in history. In the following days, ATH levels were successively surpassed, with the price climbing above $73,500. The price then retracted and continued to show volatile movements for the remainder of the month. In April, the performance of two altcoins, which we will discuss shortly, is thought to potentially outpace BTC.
ALGO Coin Predictions
Briefly discussing Algorand, it is positioned as a decentralized, secure, and scalable platform for smart contracts. The protocol, which utilizes a variant of Proof-of-Stake (PoS) known as Pure PoS (PPoS), also contributes to consensus building for block production while ensuring network security.
ALGO’s price has shown a 17% increase throughout the year. Although its growth in the early months was still behind other coins, ALGO bulls might be preparing for a new price movement. A golden cross formation was observed on the 4-hour price chart by looking at the EMA lines.
The formation of a Golden Cross is generally defined as a positive outlook in the market and has the potential to indicate that an asset may exit a downtrend and enter an uptrend. It can also be considered as an indicator of potential long-term growth in the future.
If the uptrend continues, ALGO may test its previous resistance at the $0.32 level. If the resistance is broken, Algorand may also move to surpass its next resistance level of $0.41 in April.
Will GateToken (GT) Rise?
GateToken (GT) is known as the native token of the Gate.io exchange. It is also available for users to enable a multitude of functions and services within the exchange.
GT’s price is only 22.19% below its all-time high (ATH) as of May 12, 2021. The coin gained 98.10% in value over the past month and surpassed the $10 level for the first time since May 10, 2021.
The 4-hour price chart for GT shows an ascending trend. The 20, 50, 100, and 200-period EMA lines appear to be in an upward trajectory.
If the candles representing prices consistently stay above the 20-EMA, an upward trend can be confirmed, indicating buyers are in control. A pattern of rising lows and highs can also be interpreted as an uptrend.
If the trend continues, GT may have the potential to retest its previous high of $12.83 in April.
