As April wraps up, many alternative coins (altcoins) are experiencing gains, particularly in the last seven days, attributed to Bitcoin’s surge to $95,000. Several key tokens are poised for a positive start in May due to various factors.
Three specific altcoins have been analyzed by BeInCrypto that investors should keep an eye on in the final days of April as they anticipate significant developments.
BNB
BNB is demonstrating strong performance, with expectations of further growth this week ahead of the Lorentz hard fork, scheduled for April 30. This upgrade will introduce quicker blocks to the chain, enhancing network efficiency and potentially boosting the altcoin's price.
After breaking free from a downtrend lasting two and a half months, BNB is currently priced at $606. It aims to surpass the $618 resistance level, and if successful, it could benefit from positive momentum following the Lorentz upgrade, leading to a potential rise to $647.
If BNB fails to breach the $618 barrier, a decline could follow, with the price potentially dropping below $600. In such a scenario, support may be found at $576, undermining the optimistic outlook. Monitoring the $618 level will be crucial in determining the altcoin's direction in the days ahead.
Kaspa (KAS)
KAS has seen a 27% increase over the past week, negating bearish signals from the Ichimoku Cloud. Currently trading at $0.099, the altcoin is approaching the critical $0.103 resistance level. Should this positive trend persist, KAS could potentially break through and establish a new bullish trend.
The upcoming Crescendo upgrade is anticipated to generate further positive momentum for KAS. With the mainnet activation set to boost the network's transaction capacity by tenfold to 10 blocks per second (BPS), this event could significantly drive the price up and attract more investors.
If the Crescendo upgrade delivers as expected, KAS could rise to $0.112, potentially reaching $0.120. However, failure to breach the $0.103 level may result in a decline. If the price falls below $0.092, it could head toward $0.083, invalidating the current bullish stance.
Aave (AAVE)
Aave, another altcoin to watch in late April, has surged by 22% this week, marking it as one of the top-performing altcoins. Despite these substantial gains, AAVE's current price movement indicates it may not have peaked yet. The altcoin still has room for more upward momentum, supported by robust market interest.
The Relative Strength Index (RSI) suggests AAVE is in the bullish zone but has not reached the overbought threshold of 70.0. With significant potential before hitting this level, AAVE's price could continue to rise, potentially surpassing $180 and reaching $198.
However, if the bullish trend weakens, AAVE might fall below the $167 support level. Such a scenario could see the price drop to $153, and if this support is breached, AAVE may decline to $126. This would invalidate the current bullish outlook, signaling a potential reversal in trend.