Top Cryptocurrencies to Keep an Eye on this April

Jim Haastrup

Key Insights:

  • April may be an exciting month for cryptocurrencies
  • Bitcoin is in a range between $25,550 and $30,000. It may breakout in April and even reach $35,000
  • Ethereum's Shanghai upgrade is on its way and may hit $2,000 in April
  • DEXes may do well in April, and DyDx may hit $3.6 soon
  • MATIC has been in a six-week slump and may recover to $1.7 soon
  • XRP's price action has been impressive and may continue this way as the Ripple Labs versus SEC case comes to a close.

The cryptos market's performance in 2023 is far better than it was in 2022.

Bitcoin, after a temporary dip below $20,000 after the series of bank failures involving SVB and the others, entered an impressive recovery phase and soared straight up to the $28,900 zone.

As expected, Ether and the other altcoins followed its lead, gaining by double-digit percentages in a matter of days.

The bullish up-rise in the market appears to have cooled down, but investors and traders alike continue to wonder:

"What does the crypto market have in store, especially now that the first quarter of 2023 is almost gone, and April is only a few days away".

This article will dive into the performance of certain cryptocurrencies over the last few weeks and will highlight which of these to look out for in April.

Without wasting any time, the first cryptocurrency, of course, is:

Top Cryptos To Watch Out for in April – Bitcoin

Bitcoin, owing to its market dominance (40%), has always had significant control over the rest of the crypto market. This means that Bitcoin's performance determines that of the altcoins to a large extent.

Bitcoin, since its rejection from the $28,900 zone (red line below), entered a corrective phase and declined to $26,500 (purple line) per token.

Chart showing Bitcoin's price action

The flagship cryptocurrency is now starting to show signs of a bounce from this level and may be headed for a retest of the $29,000 – $30,000 zone.

And as the monthly candle approaches closing for March Bitcoin is currently at a "Macro Trend Defining Range".

The technical support for the cryptocurrency coincides with its 200-week moving average, and currently sits at $25,550, while the main resistance sits at $30,000.

1-hour chart showing Bitcoin's range between $25,550 (purple) and $30,000 (red)

As March comes to a close and Bitcoin continues to range between $26,600 and $29,000, things can go either way.

Bitcoin can either trend lower and hit $25,550 before another attempt at breaking through $29,000, or it can simply trend up and break through $29,000 right away.

Chart showing Bitcoin's possible price action

In all, Bitcoin is one of the cryptocurrencies to watch out for in April.

This is because a breakout from $30,000 means that $BTC will rally 25% from where it currently sits, to the  $35,000 zone.

2. Top Cryptos To Watch Out for in April- Ethereum

Ethereum's Shanghai upgrade (nicknamed Shapella) is on its way, and April promises to be an exciting one for the cryptocurrency.

The mainnet Shapella launch date was announced on March 28 by the Ethereum protocol support team. According to the update, the Shanghai hard fork will take place on April 12 and will incorporate updates to Ethereum's Engine API, the consensus layer, and the execution layer (Shanghai).

In the charts, Ethereum appears to be in an ascending channel and is trying to break through the top resistance.

Chart showing the price action of Ethereum

A retracement to the middle of the channel of around $1,630 is probable for the cryptocurrency.

However, a rebound from this zone may happen, taking Ethereum into a retest of the top of the channel at around $1,800.

Chart showing the possible price action on Ethereum

In all, April may see a breakout on Ethereum, and a rally to the $2,000 zone.

3. Top Cryptos To Watch Out for in April – DyDx

In terms of the recent rift between Binance and the Commodity Futures Trading Commission (CFTC), in which the crypto exchange was accused of engaging in "wilful evasion" of US law, things look very good for decentralized exchanges.

Naturally, this makes a token like DyDx suitable for consideration in April.

$DYDX is the native cryptocurrency of the Ethereum-based decentralized exchange (also known as DyDx).

Chart showing the price action of DyDx

As illustrated by the chart above, DyDx appears to be in the starting phase of an ascending channel, making it one of the cryptocurrencies to watch out for in April.

The cryptocurrency has hit the bottom of the channel around $1.8 and now appears to be on its way to the top.

Chart showing DyDx's possible rise to the upside

At the time of writing, DyDx trades at $2.57.

Overall, the cryptocurrency is currently struggling to break through the 50-period moving average (around $2.6) on the daily chart and may have quite some bullish momentum if the bulls manage to push the price above this moving average.

If DyDx breaks through this zone, a rise to the next resistance level of around $3.6 will become possible, creating a 45% rise to the upside for the cryptocurrency in April.

Asides from the bullish signs on DyDx's chart, the DEX has also announced a launch date for its move from Ethereum to Cosmos. This is a big thing for the exchange and may serve as the push it needs to hit.

4. Polygon (MATIC)

The price action of MATIC hasn't been impressive from mid-February through march. The cryptocurrency trades at $1.14 at the time of writing and has been in a 40% slump from the $1.5 zone for about six weeks now.

Chart showing MATIC's price performance over the last 6 weeks

At the same time, this does not mean that things are over for the cryptocurrency, because it was in fact, in an ascending channel.

Chart showing MATIC in an ascending channel

Judging by the price action of the cryptocurrency illustrated above, MATIC's six-week slump was only part of a larger move to the upside.

The cryptocurrency has now entered its rebound phase and now appears to be heading for another bullish rally to the top of the channel.

Chart showing the possible rise in MATIC for April

This puts the price target of the cryptocurrency somewhere around $1.7 in a 50% rise to the upside.

Another good reason to bank on $MATIC is that several bullish brands are building on the polygon network, including Amazon, Instagram, Adidas, Disney, Nike and several others

5. XRP

XRP has come a long way from 2022 until date and is even one of the best-performing cryptocurrencies on the market at the moment.

This year alone, the cryptocurrency has gained 95% and appears to be nowhere near being finished.

Chart showing XRP's rise in 2023

The price action of XRP for the last two years has been determined majorly by the proceedings of the court case between Ripple Labs and the SEC.

And it so happens that April holds a lot of media and publicity for the case's settlement.

There have been rumours that this case may be settled in the first half of 2023, of which April is the fourth month.

However, while the price action of XRP has been impressive so far, it is important to keep in mind that a "buy the rumour, sell the news" situation could also happen.

This means that any open XRp trades should be monitored closely, in case of any potential sell-offs.

In all, XRP is also in an ascending channel and may be facing resistance at the top around $0.6 – $0.62.

Chart showing XRP in an ascending channel

The $0.6 zone is an important one to watch because the daily chart's RSI is already showing signs of XRP being oversold as it approaches this level.

April may see the cryptocurrency breakout from this formation and pursue higher highs if Ripple Labs beats the SEC in court. At the same time, it is important to keep in mind that anything can happen, and all charts should be analyzed closely before any trades are opened.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.