Be[In]Crypto looks at 10 altcoins that have promising developments lined up for the month of April.
SXP (SXP)
- Current Price: $1.56
- Market Cap: $747 Million
- Market Cap Rank: #106
Swipe is a platform whose main goal is to connect the fiat and cryptocurrency worlds. In order to achieve this, it partners with payment networks and creates card programs that easily transfer cryptocurrency to fiat and vice versa.
Its three main offerings are the swipe wallet, a debit card, and the native token, SXP. SXP is part of the decentralized finance (DeFi) sector.
Numerous new updates are expected this month, such as the release of the mobile and web wallets alongside the deployment of the Solar Side Ledger Protocol on the mainnet.
As for its price movement, SXP has reclaimed an important level at $1.45 after generating numerous bullish divergences.
The next closest resistance area is at $2.90.
Axie Infinity (AXS)
- Current Price: $62.81
- Market Cap: $3.82 Billion
- Market Cap Rank: #44
AXS is the native token of Axie Infinity, a play-to-earn non-fungible token (NFT) game. It has use cases in governance, staking, and breeding. Breeding is the process by which new Axies (playable characters) are created.
Despite the March 29 hack, land gameplay and the new Axie origins V3 are expected to deploy this month, and AXS could soon find itself with many new use cases.
On March 16, AXS broke out from a descending resistance line but failed to move above the $68 resistance area (red circle). It is currently attempting to find support.
Cosmos (ATOM)
- Current Price: $28.66
- Market Cap: $8.20 Billion
- Market Cap Rank: #22
Cosmos offers an ecosystem of connected blockchains. It does this in order to improve the speed and scalability of its protocol and increase interconnectedness between blockchains. Additionally, it aims to simplify blockchain technology for the masses. The white paper for the project was published in 2016.
The native token is ATOM, which is earned with a hybrid proof-of-stake algorithm. Version 8 of the mainnet upgrade, called Rho, will deploy this month.
ATOM has been increasing inside an ascending parallel channel since March 14. It is currently trading in the middle of this channel. There are no clear bullish or bearish signs yet.
EOS (EOS)
- Current Price: $2.77
- Market Cap: $2.73 Billion
- Market Cap Rank: #49
EOS is a platform that focuses on the creation of decentralized applications (dApps). Its goal is to make it as simple as possible for programmers to make use of blockchain technology. The platform launched in 2018. The native token for the platform is EOS.
The EOS platform has not had a significant upgrade since EOSIO 2.0 in 2020. However, this is expected to change this month with the release of Mandel 2.3.
EOS has been increasing alongside an ascending support line since March 14. The line coincides with the $2.72 horizontal support area. Due to this confluence, it is likely to put an end to any short-term drops in case they occur.
Kava.io (KAVA)
- Current Price: $4.41
- Market Cap: $738 Million
- Market Cap Rank: #109
Kava.io is a DeFi lending platform. It provides users with the ability to lend, invest and earn. Furthermore, the platform supports cross-chain interactions.
The native token for the platform is KAVA, which is used for staking and in order to secure the platform.
The KAVA foundation will launch this month. The foundation will be a non-profit advisory body that offers strategic input to the KAVA community and its decentralized autonomous organization (DAO).
On March 28, KAVA broke out from a descending resistance line that had been in place since Aug 30. Currently, it is attempting to validate it as support.
If successful, the next resistance would be at $5.60.
Elrond (EGLD)
- Current Price: $191.81
- Market Cap: $4.17 Billion
- Market Cap Rank: #38
Elrond is a protocol that offers incredibly fast transaction speeds through its unique sharding mechanism, adaptive state sharding. This mechanism manages to combine three different types of sharding and upgrade the way in which they communicate with each other.
The native token for the platform is EGLD. Its three main purposes are:
- Staking
- Paying fees in the network
- Rewarding validators
This month, the protocol will release Web3 metabonding. This will allow projects that build on it to create a commitment with long-term community members by distributing roughly 10% of their supply to EGLD stakers.
EGLD has been moving upwards since Jan 22. Currently, it is in the process of making its second breakout attempt above the $200 resistance area. It is possible that EGLD is also trading inside an ascending triangle, which is considered a bullish pattern.
If a breakout occurs, the next resistance would be at $295.
Reserve Rights (RSR)
- Current Price: $0.021
- Market Cap: $312 Million
- Market Cap Rank: #180
RSR is a dual token stablecoin platform, whose goal is to combat the effects of inflation. It uses the Reserve stablecoin (RSV) and the Reserve Rights Token (RSR). The latter uses an arbitrage system that serves to keep the price of the former at $1. RSV is backed by a basket of cryptocurrencies and other diverse assets.
The new protocol is expected to launch imminently.
RSR broke out from a descending resistance line on March 16 and is currently attempting to break out from the $0.0173 resistance area. If successful, the next resistance would be at $0.0275.
Numeraire (NMR)
- Current Price: $30.92
- Market Cap: $182 Million
- Market Cap Rank: #288
Numerai is an Ethereum (ETH) based platform, and Numeraire is its native token. It allows developers to create machine learning models that are later used on the platform. As a result, the main goal of Numerai is to bring decentralization to the machine learning and data science fields.
The platform was founded in 2015. The native token for it is NMR.
The Numercon Conference will be held today.
NMR has been increasing since Jan 23 and broke out from a descending resistance line on Feb 23. If the upward movement continues, the closest resistance area would be at $47.
Secret (SCRT)
- Current Price: $5.33
- Market Cap: $869 Million
- Market Cap Rank: #94
Secret Network is a blockchain whose main is data privacy. It is built on the Cosmos blockchain.
The native token for the platform is SCRT. Besides providing lower fees for the network, it can also be staked in order to earn rewards.
The Alpha mainnet upgrade will be released in this month.
SCRT has been trading inside a long-term symmetrical triangle since Nov 2021. It bounced at its support line on March 18 (green icon) and has been increasing since.
The closest resistance area is at $7.
Odin Protocol (ODIN)
- Current Price: $0.092
- Market Cap: $1.6 Million
- Market Cap Rank: #1576
Odin Protocol is a decentralized ecosystem that launched on April 21 2021. The native token is ODIN. 100 million tokens were initially created, with 20% of them projected to be burned.
Several new developments are expected in Q2, such as :
- Geo integration
- Wrapped NFTs
- Price fees
- A play-to-earn game
ODIN has been consolidating above the $0.085 horizontal area and has broken out from a descending resistance line.
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Source: https://beincrypto.com/beincrypto-presents-its-top-10-altcoin-picks-for-april/