ENA, BGB and NEO Biggest Crypto Price Gainers in April but May Outlook Turns Bleak
How Will the April Gainers Perform in May? | Credit: Getty Images
Key Takeaways
- ENA increased nearly 30% in April but has corrected since its all-time high on April 11.
- Similarly to ENA, the BGB price has also fallen since its all-time high on April 11.
- NEO recently lost a long-term horizontal support area, validating it as resistance.
March was a decisively bearish month for the cryptocurrency market. Notably, Bitcoin and Ethereum prices both fell nearly 13%. However, there have been exceptions to the rule.
More specifically, there are three cryptocurrencies from the top 100 that have increased in April. They are ENA, BGB and NEO. Can these three gainers continue their momentum and lead the way in April, or have they reached their highs and will fall next month?
Biggest Gainers in April
As stated in the introduction, most of the cryptocurrency market has fallen in April. However, there have been several cryptocurrencies that outperformed Bitcoin’s 13% drop, and a few that had an outright positive performance.
The cryptocurrencies that outperformed Bitcoin are XMR, TRX, NEAR, PENDLE and GNO. All five had only single digit rates of decrease.
However, the three biggest gainers in April are ENA, BGB and NEO. ENA climbed by 28%, while BGB and NEO increased by 10 and 8%, respectively. They are the only cryptocurrencies from the top 100 with positive rates of increase.
Can these cryptocurrencies sustain their upward movement in May?
ENA Corrects After Massive Increase
The ENA gains all happened in the first half of April. In fact, the ENA price reached its all-time high of $1.52 on April 11. This was the culmination of a 400% increase in 9 days. ENA has been correcting since. The decrease led to a low of $0.77 on April 24.
Currently, ENA trades inside the $0.76 horizontal and Fibonacci support area. This is a common level where corrections end. So, whether ENA bounces or breaks down will be important in determining if the trend is bullish or bearish.
Even though the price trades inside support, there are no signs suggesting that a reversal is near. To the contrary, both the MACD & RSI are falling, the former being on the precipice of a bearish cross while the latter below 50.
Additionally, ENA has fallen under a descending resistance trend line since the all-time high. When combined with the $0.76 support, the trend line creates a descending triangle, considered a bearish pattern.
So, the May outlook for ENA is bearish, with a breakdown below support being the most likely scenario. This can change if ENA moves above its long-term descending resistance trend line.
BGB Price Approaches Important Support Level
Similarly to ENA, BGB has fallen since its all-time high in April 11. On April 29, the price reached a long-term ascending support trend line existing since the start of February. This if the fourth validation of this support area.
Technical indicators are decisively bearish. Before the correction, both the RSI and MACD generated significant amounts of bearish divergence. Such bearish divergences often precede trend reversals, as was the case for BGB.
Since then, both indicators are trending downward, and the RSI is close to falling below 50 (red circle). If the BGB price breaks down from the trend line, the closest support level will be at $1.05 and $0.87, respectively.
NEO Price Loses Key Support
The NEO price has increased alongside an ascending support trend line since October 2023. The upward movement led to a high of$23.82 in April 2024. Since then, the price has fallen, losing the support at $18. Currently, it is validating the area as resistance (red icon).
If the drop continues, the next closest support will be at $15, created by a horizontal support area and the aforementioned ascending support trend line.
Unlike ENA and BGB, technical indicators do not give an outright bearish reading. This is because the RSI is still at 50 and the MACD is above 0. However, both indicators are moving downward, a sign that the trend is still bearish.
April Increase Might Not Continue in May
Even though ENA, BGB and NEO were the only cryptocurrencies with a positive rate of increase in April, their outlook for May looks considerably bleaker. The outlook is bearish for all three, especially if breakdown from their closest supports happen. In ENA’s case, a breakdown can trigger a drop toward the all-time low price.
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