April’s Crypto Top Gainers: Will the Surge Continue?
April started on what many describe as a “wrong foot” as most cryptocurrencies lost considerable fraction of their value during the first two days. This also reflected on the global cryptocurrency market cap as we noticed a slight drop in value.
It kicked off at $1.18 trillion and dipped to a low of $1.15 T. Following this small drop, most cryptocurrencies recovered as the sector under consideration peaked at $1.28 trillion. This signified a more than 5% increase form its low. However, the industry’s worth is downhill at the time of writing as it is currently worth $1.20 trillion.
This price movement may appear meager until we delve dip into the top gainers over the last 30 days. Nonetheless, many considered the fourth month of the year one of the most profitable for some assets. Given how they perform, many are looking forward to seeing how they may react over the next 30 days
Crypto Top Gainers
1. Bitcoin (BTC)
Like most cryptocurrencies, Bitcoin had a bad start to April. It opened at $28,476 and failed to surge. The next three days were marked with red candles. A closer look at the chart showed that top asset failed to record any significant gains during the first seven days.
During this period, it traded between $28,700 and $27,700 channels. It broke out on the tenth day of the month. It opened at $28,353 and slowly edged toward the $30k resistance. However, it failed in this bid as it peaked at $29,789 and closed with gains of almost 5%.
The mark fell during the next intraday session as BTC flipped $30k. This was the first time the top coin is breaking this barrier since September. It also edged closer to $31k but halted at $30,500.
It is worth noting that bitcoin hit a high of $31,000 before a series of downtrends. As a result, the largest cryptocurrency dipped to a low of $26,981. Following this massive drop, we noticed bitcoin tested $30k on two occasions.
It failed on both trials but edged very close to the mark. During the most recent attempt, it hit a high of $29,887 and closed with gains of almost 4%.
In the end, the top asset may end the month with a positive change of more than 3%.
While this may not be what many expected, indicators are positive. Since its previous interception on April 18, the Moving Average Convergence was on a downtrend with both EMAs sinking below 0.
In reaction to this, prices also dipped. The coin lost more than 11% from when it the bearish divergence took place to its lowest value. This also corresponds with the Relative Strength Index as it dipped to a low of 41.
2. Ethereum (ETH)
There were a lot of highlights from the last 29 days. Nonetheless, it was a mix of both bullish and bearish moments.
It is no news that the month under consideration started a bit bad for the asset. Nonetheless, Ether quickly recovered and started a surge on the third day. It gained more than 3% on the fourth day and we saw further attempts at a key resistance.
On April 5, it flipped $1,900. This comes as no surprise since Ethereum recently flipped this mark. It experienced a three-day downtrend shortly after that before recovering.
However, that movement highlights yet another significant barrier to ETH’s bid for $2k. The top alt retraced during the prior try at $1,942. At $1,938, it ran into a solid wall this time. This suggests that demand concentration will decline between $1,940 and $1,950.
After breaking this mark, many look forward to an attempt at the $2k resistance. However, at the time most indicators were bearish and the Moving Average Convergence Divergence is one example.
Metric readings indicate an upcoming negative divergence that could mark the beginning of a bearish round. However, RSI continues to be below 70 which indicated a possible attempt at the highlighted level.
After breaking this mark, it attempted the $2,100 resistance. Less than 24 hours, after surging above $2k, it flipped the said mark. We noticed several trials for the coin to gain stability above it. However, they all failed and dipped by more than 8% on April 19.
This was the start of a downtrend that saw ETH dip and lose almost all of its accumulated gains. As a result, the largest altcoin may close with gains of less than 3%. A bitter-sweet session, many may conclude.