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With BTC excluded, the technicals for the overall market cap are trending positively. Examining some of the most important cryptocurrency forecasts for April is BeinCrypto.
Will altcoins finally catch up to Bitcoin’s speed thanks to these better technicals? If so, this may pave the way for significant price increases for Shiba Inu (SHIB) and Binance Coin (BNB) in April 2023.
Due to this year’s remarkable performance of the BTC price, the whole cryptocurrency market value, excluding Bitcoin, has underperformed. In April 2023, cryptocurrencies could be set to take off, according to a number of promising technical advancements.
The weekly time frame exhibits a covert bullish MACD price divergence. The positive divergence predicts a potential increase in the market value of all cryptocurrencies, excluding Bitcoin, reaching $710 billion, or a 17.94% gain.
On the weekly time period, the William’s Alligator indicator also flashes a purchase signal. This is the indicator’s first significant purchase signal since August 30, 2021, which is interesting.
The overall market capitalization of all cryptocurrencies increased by 54.45%, from $1.1 trillion to $1.7 trillion, when the last buy signal for William’s Alligator indicator was activated.
If this signal starts to heat up once more, it highlights the potential for cryptocurrencies to see rapid development.
A new lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against cryptocurrency exchange Binance and its CEO, Changpeng Zhao, has caused significant volatility for Binance Coin (BNB). However, the reverse outcome may frequently occur when traders anticipate greater downside in a particular cryptocurrency, especially when the market as a whole is increasing.
According to on-chain analytics, BNB’s positive Price Adjusted Daily Active Addresses divergence presently reaches $420.
Santiment, a blockchain forensics tool, hypothesizes that when Daily Active Addresses increase, values tend to decline. And costs often increase when the number of Daily Active Addresses decreases.
The Price Adjusted Daily Active Addresses divergence may reverse if the price of Binance Coin rises over the $347 trading high reached in March, representing a possible gain of 33.75% in April 2023.
Shibu Inu’s (SHIB) pricing is still doing poorly. The beginnings of an impending bull run for this meme coin may, however, be indicated by a recent on-chain change.
According to Santiment, the Token Age Consumed indicator displays the number of tokens changing addresses on a given day multiplied by the amount of time since their most recent migration.
On March 20, SHIB had the biggest increase of the year in Token Age Consumed. Spikes on the graph indicate a significant number of tokens transferring after being inactive for a while.
Shibu Inu Token Age Consumed last increased this amount on January 9. This led to a bull run that increased the price of SHIB by 73%, from $0.000091 to $0.0001510 in less than a month.
In April 2023, the price of Shina Inu may start a fresh ascent toward $0.000017 if past trends hold true.
