Ethereum (ETH) PancakeSwap (CAKE) and iExec RLC (RLC) will undergo network upgrades. EOS will launch its Ethereum Virtual Machine. IoTex (IOTX) hard fork is coming up soon.
BeInCrypto offers an analysis of the best-projected cryptocurrencies for April 2023, as well as developments surrounding their respective projects.
The top 5 altcoins to watch out for in the crypto market during the month of April 2023 are as follows: Ethereum (ETH), PancakeSwap (CAKE), and iExec RLC (RLC) will launch network upgrades.
In another vein, EOS will launch its Ethereum Virtual Machine (EVM), while IoTeX (IOTX) will experience a hard fork.
Below are the details.
Ethereum (ETH): Shapella Update Release
The Shapella update is expected on the Ethereum network in epoch 194048, scheduled for April 12. It will allow validators to withdraw their staking from the Beacon Chain back to the execution layer. This could cause a large amount of ETH to become unblocked.
Ethereum’s price movement looks decidedly bullish as the price has risen rapidly since March 10, and recaptured the $1,700 support area on March 17, successfully validating it as support 10 days later. On the other hand, the daily RSI broke its bearish divergence trend line and moved above 50.
If the increase continues, the price of ETH could move toward $2,000. However, a close below $1,700 will undo the bullish structure, causing a drop to the support of $1,450.
PancakeSwap (CAKE) v3: Release in April
The launch is scheduled for the first week of April. Early supporters will receive a share of the $135,000 airdrop that comes with it. V3 will offer better trading fees, yield farming, and improved liquidity provision.
If the utility token goes up or down, it could determine the future trend in the crypto market. A break would likely cause a drop to $3.20, while a move upwards could cause a rally to $4.70.
iExec RLC (RLC): Release Update v8
The update is expected to be faster and massively scalable, allowing for a large number of computations on large files. The RLC price drifted below the $1.55 horizontal area on March 10, though it rallied shortly thereafter.
If the current rise continues, the RLC price could move to the $2.55 resistance area. However, if the price of the cryptocurrency closes below $1.55, it could drop to the ascending support line at $1.20.
EOS: Launch of the Ethereum Virtual Machine (EVM)
The EVM, which is scheduled to launch on April 14, will boast over 800 swaps per second, immediately making it the highest-performing EVM available.
The EOS price has been following a descending resistance line since August 2022. If it breaks, it could quickly move to the next resistance at $1.50. However, if the altcoin’s price is rejected again, a drop to the short-term ascending support line at $0.96 could follow.
(IOTX): Hard Fork Implementation
The IoTeX hard fork is expected to be released today, April 4. It will fire at block height 22,991,401. The IOTX price bounced off the $0.022 horizontal support area on March 10, rising ever since.
If the bullish move continues, the price could rally to the descending long-term resistance line at $0.030. If, on the contrary, the digital currency closes below $0.022, it could fall to a new all-time low.
By Audy Castaneda
