In this episode of the BeInCrypto video news show, host Jessica Walker looks at the picks for April’s Top 5 Altcoins. We will look at recent price movements and relevant news.
We will analyze Neo, which seems to be in a breakout formation. We finish with Celsius and Cosmos, both in an accumulation phase, signaling a possible breakout.
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LTC has been on an uptrend since December. It could be headed for a retest of the high it made in late February, as seen on the chart.
LTC still has yet to reach its December 2017 all-time high of over $350. However, it celebrated a three-year high of $238 on Feb. 20. Litecoin has gained 60% since the beginning of 2021.
Recently, the Litecoin Foundation completed the code for its MimbleWimble Extension Block (MWEB). This will enhance scaling and privacy for the cryptocurrency. The protocol is named after a fictitious spell from Harry Potter and uses confidential transactions. It enables senders to encrypt the number of coins to be sent using “blinding factors” while obscuring the addresses.
As we can see in the chart, DOT reached its all-time high in February, but has slowed down since.
Although, it may be telling that the price has remained so close to that top, as there hasn’t been any sustained profit-taking. April could see a big move to as high as $55.
After establishing itself as the number 6 top coin in the market cap, DOT was listed by Grayscale as an ETF available for institutional traders. Grayscale is the world’s largest crypto asset trust for institutional investors.
More recently, Simplex, a fiat-to-crypto on-ramp provider, said it had integrated Polkadot and its DOT token. This will allow crypto users to purchase the token with a credit or debit card, Apple Pay, or a bank transfer. Simplex is hoping to facilitate “mass cryptocurrency acquisition and adoption.”
According to a daily chart, NEO looks poised to break out of a triangle formation. Bolstered by a long-term upward trendline, we could see a sharp rise when it meets the more recent downtrend.
Formally known as Antshares, the China-based cryptocurrency dived in 2018 when the Chinese Central Government cracked down on cryptocurrency exchanges. It had reached an all-time high earlier that year at over $200. However, as the Chinese government began experimenting with its own central bank digital currency (CBDC) last year, speculation could lead to an easing on cryptocurrencies, boding well for NEO.
One altcoin flying under the radar right now is the Celsius token. It looks to be in a bullish consolidation pattern based on this wave analysis and hasn’t been severely affected by some recent sell-offs.
However, since the formation is coming after an upward move, a breakout would be more likely. If it does, CEL could increase all the way to $9.29.
In February, Celsius confirmed that it had paid out over $250 million in savings-based crypto yields to its followers. It is one of the more promising DeFi platforms to come out. With the platform, users can deposit any crypto they own without converting it to a proprietary token.
We complete our list with Cosmos. It also made its all-time high in mid-February and is being discovered by more people both as an ecosystem and an investment opportunity. Looking at the chart, a price bounce is likely. However, ATOM is expected to break down from the channel eventually. If so, the next support would be found at $15.
Similar to Polkadot, Cosmos is a blockchain ecosystem that enables smart contracts. Last month, Binance expanded its staking feature to include Cosmos and Cardano.
Check back next month for another round of top altcoins!