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Top 5 altcoins to watch in the crypto market in April 2023: Ethereum (ETH), PancakeSwap (CAKE) and iExec RLC (RLC) will launch network upgrades. EOS will finally release its Ethereum Virtual Machine (EVM), while IoTeX (IOTX) will undergo a hard fork.
Ethereum (ETH) Launches Shapella Upgrade
Price: $1,810
Market Cap: $221,518 billion
Rank: #2
The Shapella network upgrade will activate on the Ethereum network at epoch 194048, which is scheduled on April 12. The upgrade will allow validators to withdraw their stake from the Beacon Chain back to the execution layer. This could cause a large number of ETH to become unstaked.
The Ethereum price movement looks decisively bullish. The price has increased rapidly since March 10 and reclaimed the $1,700 support area on March 17, successfully validating it as support 10 days later (green icon).
Moreover, the daily RSI broke out from its bearish divergence trend line and moved above 50.
If the increase continues, the ETH price could move toward $2,000. However, a close below $1,700 would invalidate the bullish structure and could cause a drop to the $1,450 support.
PancakeSwap (CAKE) v3 Will Launch in April
Price: $3.69
Market Cap: $673 million
Rank: #70
PancakeSwap v3 will launch in the first week of April. Early supporters will receive a share of the $135,000 airdrop that comes with it. V3 will offer better trading fees, yield farming and improved liquidity provisioning.
The CAKE price has traded inside a long-term symmetrical triangle since June 2022. The price is currently very close to the triangle’s support line.
Whether the utility token breaks out or down from it could determine the future trend in the crypto market. A breakdown would likely cause a drop to $3.20, while a breakout could cause an increase to $4.70.
EOS Altcoin Launches Ethereum Virtual Machine (EVM)
Price: $1.14
Market Cap: $1,244 billion
Rank: #45
The EOS Ethereum Virtual Machine (EVM) will launch on April 14. It has been in the works for over a year, and will provide instant access to code libraries, and popular toolkits, ideally paving the road for rapid adoption. The EVM will boast more than 800 swaps per second, immediately becoming the most performant EVM available.
The EOS price still follows a descending resistance line in place since August 2022. If it breaks out, it could rapidly move to the next resistance at $1.50.
However, if the altcoin’s price gets rejected again, a drop to the short-term ascending support line at $0.96 could follow.
iExec RLC (RLC) Altcoin Launches v8 Upgrade
Price: $1.76
Market Cap: $142 million
Rank: #188
RLC launched its v8 upgrade in the final week of March. The upgrade will be faster and massively scalable, allowing for heavy computation on large files.
The RLC price deviated below the $1.55 horizontal area on March 10 (green circle) but reclaimed it shortly afterward. This is a bullish sign that often precedes upward movements. If the current increase continues, the RLC price could move to the $2.55 resistance area.
However, if the crypto price closes below $1.55, it could fall to the ascending support line at $1.20.
Iotex (IOTX) Hard Fork Goes Live
Price: $0.025
Market Cap: $245 million
Rank: #136
The IoTeX hard fork will go live on April 4. It will be activated at block height 22,991,401.
The IOTX price bounced at the $0.022 horizontal support area on March 10. It has increased since. If the upward movement continues, the price could increase to the long-term descending resistance line at $0.030.
However, if the digital currency closes below $0.022, it could decrease to a new all-time low.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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