The technicals for the total market cap, excluding BTC, are showing some encouraging signs. BeinCrypto looks at some of the biggest crypto predictions for April.
Will these improved technicals help altcoins finally pick up the pace Bitcoin sets? If so, this could set the stage for Binance Coin (BNB) and Shiba Inu (SHIB) to post substantial price gains in April 2023.
It’s Time for Altcoins to Outperform
The total crypto market cap, excluding Bitcoin, has been underperforming due to this year’s strong BTC price performance. Several positive technical developments suggest that altcoins could be about to lift off in April 2023.
A hidden bullish MACD price divergence is present in the weekly time frame. The bullish divergence suggests that the total crypto market cap, excluding Bitcoin, could rise to $710 billion, representing a 17.94% increase.
The William’s Alligator indicator also flashes a buy signal on the weekly time frame. Interestingly, this is the indicator’s first major buy signal since Aug. 30, 2021.
When the last buy signal was activated for William’s Alligator indicator, the total crypto market cap grew from $1.1 trillion to $1.7 trillion, marking a 54.45% increase.
If this signal starts to fire up again, it underscores the opportunity for explosive growth in altcoins.
Binance Coin (BNB) Price Prediction, April 2023: Surprise, Surprise
Binance Coin (BNB) has recently been rocked due to a lawsuit by the US Commodity Futures Trading Commission (CFTC) against crypto exchange Binance and its CEO, Changpeng Zhao. However, the opposite effect can often happen when traders expect more downside in a given crypto, especially when the broader market is rising.
On-chain metrics currently depict positive Price Adjusted Daily Active Addresses divergence for BNB extending to the $420 level.
Blockchain forensics platform Santiment suggests that prices tend to go lower when Daily Active Addresses go higher. And when Daily Active Addresses go lower, prices usually go higher.
If the Binance Coin price exceeds the March trading high of $347, then the Price Adjusted Daily Active Addresses divergence could be reversed, marking a potential 33.75% gain in April 2023.
Shibu Inu (SHIB) Price Prediction, April 2023: Higher Highs
Shibu Inu (SHIB) price continues to underperform. Still, a recent on-chain development could signal the start of a pending bull run for this meme coin.
The Token Age Consumed metric shows the number of tokens changing addresses on a certain date, multiplied by the time since they last moved, according to Santiment.
SHIB staged its largest spike of the year on Token Age Consumed on March 20. Spikes on the graph signal a large number of tokens moving after being idle for an extended period.
The last time Shibu Inu Token Age Consumed soared this much was January 9. This resulted in a bull rally that took SHIB price from $0.000091 to $0.0001510 in less than a month, marking a 73% gain.
If history repeats itself, the price of Shina Inu could enter a new uptrend towards $0.000017 in April 2023.
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.
Source: https://beincrypto.com/biggest-crypto-predictions-for-april-2023/