5 Altcoins to Watch this Week (03.04.2023 – 09.04.2023)
March ended on a bullish note for the cryptocurrency markets, and the crypto community is beginning to feel that the worse has already passed.
Let’s take a look at which cryptocurrencies you should pay attention to in the first week of April.
XRP
Recently, the price of this asset has been on a sharp incline after breaking above the $0.43 mark as well as the 50-day and 200-day moving averages, both located around $0.4.
These moving averages are close to a bullish crossover as the 50-day moving average is about to surpass the 200-day one in an upward direction. However, the outlook is not particularly optimistic using traditional price action analysis.
The crucial $0.55 resistance level has firmly rebuffed the price, and the RSI shows a clear negative divergence between the last two price peaks, suggesting a correction may occur soon. If that’s the case, the $0.43 level will be the initial critical support zone.
Currently, XRP is valued at $0.52 after a 2% increase within the past 24 hours and has a volume of almost $1.5 billion. The altcoin’s market cap is around $26.9 billion.
The summary on the 1-day TA from TradingView points to “buy” at 14, while the moving averages suggest “strong buy” at 13. Oscillators are “neutral” at 9.
PancakeSwap
PancakeSwap operates as a decentralized exchange on the BNB Chain, distinct from Ethereum. Its core functionality revolves around effortlessly swapping BEP-20 tokens that adhere to specific standards.
READ MORE: Binance and CEO CZ face $1B lawsuit for promoting unregistered securities
PancakeSwap follows the automated market maker (AMM) model, which differs from the conventional market model involving buyers and sellers. With AMM, traders can carry out transactions using public liquidity pools without any need for permission.
The platform’s CAKE token serves a dual purpose as a governance tool and a utility token.
PancakeSwap’s v3 will be launching this week with a $135,000 airdrop.
🚀PancakeSwap V3 is launching on the 1st week of April!
🎁Early supporters will receive an exclusive NFT and a share of the $135K airdrop
⏰Don't miss out on this opportunity and join us now by adding liquidity on BSC PancakeSwap
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— PancakeSwap v4🥞 (@PancakeSwap) March 4, 2023
CAKE is trading at $3.75 with no significant price movements in the past 24 hours and has a volume of over $45 million. CAKE stands at a $715 million market cap.
The summary, moving averages, and oscillators are “neutral” on the 1-day TA at 10, 1, and 9, respectively.
Arbitrum
Offchain Labs, a New York-based company, has developed the Arbitrum network as a layer-2 solution. Its primary aim is to address the congestion issues the Ethereum network faces by improving the validation of smart contracts.
To achieve this, the platform takes advantage of the Ethereum mainnet’s security while enabling smart contracts to operate on a separate layer. This separation reduces congestion within the network, enhancing its overall performance.
Recently Arbitrum launched its native token ARB on most major crypto exchanges.
According to Lookonchain, a company that tracks blockchain transactions, Amber Group, a digital asset manager, has transferred millions of dollars in Arbitrum (ARB) tokens to the crypto exchanges OKX and Binance.
These tokens could potentially be sold on the open market. Specifically, two addresses linked to Amber transferred 11.2 million ARB (valued at $15.8 million), with 7.3 million ARB ($10.3 million) going to OKX and Binance.
While Amber Group reduced its ARB holdings, Lookonchain noted that several crypto whales have accumulated ARB. In the last 48 hours, one whale collected 4,048,947 ARB worth $5.7 million from OKX and Binance.
A second whale received 4,099,517 ARB worth $5.78 million from OKX during the same period, and a third whale accumulated 1,003,798 ARB worth $1.41 million from Binance. The remaining 4.47 million ARB ($6.3 million) is still being held.
At the time of writing ARB is valued at $1.15 after a sudden 11% drop on the daily chart and has a trading volume of almost $1 billion.
The technical analysis shows a bearish santiment with both the summary and moving averages pointing to “strong sell “while the oscillators are at “neutral”
IoTeX
IoTeX is a decentralized blockchain network designed for the Internet of Things (IoT), co-founded by Jing Sun, Raullen Chai, Qevan Guo, and Xinxin Fan.
The network is easily scalable and not governed by any single entity. IoTeX is also EVM-compatible and developed independently from Ethereum forks.
It aims to incorporate blockchain technology into the IoT space, enabling users to operate smart devices using Dapps and related applications. The platform uses a Roll-DPoS consensus mechanism, generating 5-second blocks and instant finality, which is quicker compared to other networks.
READ MORE: Bitcoin Price Rally in April? Analyst Weighs In on Potential Breakout
To power the IoTeX blockchain, it relies on IOTX, an ERC20 token that serves as the gateway to the IoTeX market. IOTX tokens are used to connect IoT devices to the IoTeX network.
IoTex will be activating a hard fork at block height 22,991,401.
🗣 IoTeX Core Release v1.10.0 is LIVE 🚀
This is a hardfork, and will be activated at block height 22,991,401 (04/04/2023 11pm UTC) on @iotex_io mainnet.
All nodes MUST upgrade!!
Full release notes 👇https://t.co/TYXAkXRh72
— IoTeX Developers (@iotex_dev) March 24, 2023
IOTX’s current price is $0.0262 after a 3.15% drop in the past day, with a trading volume of over $7 million. IOTX’s market cap at the time of writing is $261 million.
As for the TA, both the summary and oscillators point to “neutral” at 8 and 9, respectively. Moving averages, however, are showing “buy” with 8 signals.
Baby Doge
Baby Doge Coin is a meme cryptocurrency that is referred to as a community coin. It was introduced to the market in 2021 with an initial 420 quadrillion tokens.
As specified in the “Woof Paper,” the primary objective of Baby Doge Coin is to make cryptocurrency more accessible to the general population and to assist dogs in distress. The creators of this coin have contributed to various animal charities, and the token has performed remarkably well, reaching a profit of over 3,500% at a certain point.
On April 4, BABYDOGE will get a listing on ByBit.
📣 #Bybit is excited to announce the upcoming listing of $BABYDOGE on our Spot trading platform! @BabyDogeCoin
We have prepared 2 events with a total prize pool of 32 trillion $BABYDOGE just for you.
🗓 Listing on Apr 4, 2023.
Find out here: https://t.co/OSXXhCdhCL pic.twitter.com/t19lTbdQML
— Bybit (@Bybit_Official) March 31, 2023
With a 24-hour volume of around $10 million, the meme coin is currently priced at $0.000000002662, after a 1.5% price drop. BABYDOGE’s marketcap is $306 million.
While the oscillators on the 1-day TA from TradingView points to “neutral”, the summary suggests a buying opportunity, while the moving averages are on “strong buy”.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
