The cryptocurrency market has shown steady growth over the past few days, with altcoins recovering alongside Bitcoin. However, the market cannot sustain price growth by relying solely on overall signals or momentum.
BeInCrypto analyzed three notable altcoins expected to have significant developments in April this week.
Tutorial (TUT)
The TUT price has been stable for most of the month and currently remains below the 0.027 dollar resistance level. Successfully breaking through this barrier is crucial for recovering the 53% loss that occurred in March. If the price surpasses 0.027 dollars, it could indicate a positive trend and further increases in the coming weeks.
If this trend continues, TUT could move towards the next resistance level of 0.039 dollars, which would indicate strong momentum.
However, if TUT fails to break through the 0.027 dollar resistance, the price could drop below 0.021 dollars. Such a decline would likely invalidate the upward outlook and lead to additional losses. In this case, the altcoin's price could fall to 0.015 dollars, which would be a significant blow to the token's recovery.
Injective (INJ)
Injective's price has risen by 17% in recent days, driven by expectations of the upcoming Lyota mainnet upgrade. Scheduled to go live on April 22nd, this upgrade is expected to improve Injective's infrastructure, performance, and transaction speed. This has sparked optimism and temporarily boosted the price.
Currently trading at 8.97 dollars, Injective is approaching the 9.11 dollar resistance level. Successfully breaking through this barrier could push the price beyond 10.00 dollars to 10.35 dollars. The positive sentiment around the Lyota mainnet upgrade could continue to drive the token's growth if it exceeds these levels.
However, if Injective fails to break through the 9.11 dollar resistance as seen in early April, the price could fall below 8.40 dollars. This would signal a retreat and potentially cause the token to drop to 7.64 dollars, invalidating the upward outlook and erasing recent gains.
Binance Coin (BNB)
BNB's price is currently at 604 dollars, having experienced a decline over two months. The altcoin is struggling to break through the 611 dollar resistance. To overcome this barrier, it will need overall market support or future developments that can promote a price reversal.
A potential catalyst is today's scheduled Lorentz opBNB mainnet hard fork. The hard fork aims to improve the chain's speed and responsiveness. If successful, it could help BNB break through the 611 dollar resistance and push the price to 647 dollars, stimulating an upward mood.
However, if the hard fork's impact falls short of expectations, BNB may struggle to maintain upward momentum. In this case, the price could slip below the 576 dollar support and drop to 550 dollars. This would likely invalidate the current upward outlook and continue the downward trend.
