April was one month that was filled with a lot of sentiments. In the end, it’s hard to conclude if it was very good or average for the crypto market. Nonetheless, the global cryptocurrency market cap answers this question.
It began trading at $1.18 trillion and fell as low as $1.15 T. Most cryptocurrencies recovered after this brief decline, and the market reached its peak at $1.28 trillion. This was a rise from its low of more than 5%. Nevertheless, the industry’s value is declining as of this writing because it is only worth $1.20 trillion.
Until we take a closer look at the top gainers over the previous 30 days, this price movement might appear modest. However, many believed that the fourth month of the year was among the most successful for some assets.
As per cryptocurrencies to watch, one of the top gainers over the last thirty days is CSPR. Casper surged by more than 50%. It flipped key marks like the $0.60 resistance as it peaked at $0.63. It is still holding on to the mark at the time of writing.
Injective Protocol is also one of the top gainers during the period under consideration. A closer look at the chart shows that the token made notable attempts and registered a new all-time high.
It tried flipping $10 but failed as it experienced strong rejections at $9.95. Currently trading at $7.92, it is up by more than 67% from its opening price at $4.74.
With regards to fundamentals, there so many but nothing strong to have a massive impact on prices. Let’s see how some assets in the top 10 performed.
Bitcoin Gained 3%
Like the majority of cryptocurrencies, Bitcoin had a rocky beginning to April. It didn’t rise once it started at $28,476. Red candles were used to indicate the next three days. A closer examination of the chart revealed that the top asset had not produced any notable gains in the first seven days.
It fluctuated between $28,700 and $27,700 channels over this time. On the tenth of the month, it started to spread. It started out at $28,353 and grew steadily closer to the $30k resistance. Although it closed with gains of nearly 5% and peaked at $29,789, it was unsuccessful in this bid.
The record dropped during the following intraday session when BTC traded for $30,000. Since September, the top currency had not broken through this barrier until now. It also grew closer to $31,000 before stopping at $30,500.
It’s important to remember that bitcoin reached a high of $31,000 prior to a string of declines. The biggest cryptocurrency as a result fell to a low of $26,981. After this sharp decline, we saw that bitcoin twice reached the $30k mark.
Despite failing both times, it came very close to hitting the mark. It reached a high of $29,887 and finished with gains of roughly 4% on the most recent effort.
The top asset may ultimately close the month with a gain of more than 3%.
Even though many may not have expected this, early signs are promising. The Moving Average Convergence was in a downward trend since its previous interception on April 18, with both EMAs falling below 0.
As a result, prices also decreased. From the time the bearish divergence occurred to its lowest point, the coin lost more than 11% of its value. The Relative Strength Index, which fell to a low of 41, also fits with this.
Ethereum Flips $2,100
The last 29 days had a lot of highlights. Nevertheless, there were both bullish and bearish periods in it.
It goes without saying that the asset had a rough start to the month under review. However, Ether quickly bounced back and on the third day began a surge. On the fourth day, it increased by more than 3%, and we observed more efforts at a crucial resistance.
There was a $1,900 flip on April 5. Since Ethereum recently flipped this mark, this is not a surprise. Shortly after that, it went into a three-day slump before bouncing back.
That movement, however, draws attention to yet another important obstacle to ETH’s $2k offer. Prior to the try at $1,942, the top alt retraced. At $1,938, it once again hit a solid wall. From $1,940 to $1,950, it follows that demand concentration would decline.
Many are eagerly anticipating an attempt at the $2k resistance after breaking this milestone. The Moving Average Convergence Divergence is one of the indicators that were bearish at the time.
A bearish round may start as a result of an impending negative divergence, according to metric data. However, the RSI remains below 70, indicating that an attempt at the highlighted level may have been made.
After surpassing this threshold, it made an attempt at the $2,100 barrier. After rising past $2k in less than 24 hours, it flipped the aforementioned threshold. For the currency to become stable above it, there appeared to be multiple attempts. On April 19, though, they all fell short and fell by more than 8%.
This marked the beginning of a downward trend, during which ETH declined and lost almost all of its prior gains. The biggest altcoin can end the day with profits of less than 3% as a result.
