Cryptocurrency Momentum Rises: Algorand and Bitcoin Cash Break Significant Resistance Thresholds
Firing Up the Crypto Heat: ALGO and BCH Set to Ignite
After a brief chill, altcoins are gearing up for a sizzling comeback, and two players that are generating buzz this week are Algorand (ALGO) and Bitcoin Cash (BCH). Each of these digital assets has been on a 4% bull run and seems poised to sustain the momentum. Here's a breakdown of what's cooking for ALGO and BCH.
Algorand Kicks Up the Heat
The crystal ball for ALGO forecasts that this token may still have room for a hefty surge. After breaking out of a falling wedge pattern, ALGO has now elevated to trade near the $0.22 mark. If the "$0.21" support level holds steady, analysts believe a staggering 22% rally could send prices soaring up to the weekly resistance zone at $0.27. Technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), back this optimistic prediction.
Traders are clearly bullish about ALGO, as the long-to-short ratio at Coinglass is currently at 1.07, marking its highest level in over a month. This implies that more traders are calling for long positions than short ones, giving momentum to this bull run.
Is Bitcoin Cash Stepping Up The Plate?
Investors with a keen eye on Bitcoin Cash (BCH) are looking at this week with anticipation, as BCH has been placing strong bets both technically and on-chain-wise. After breaking its descending trendline on April 16 and retesting it successfully, BCH has been on a steady climb. The token has jumped over 15% in the last eight days, with a 5.3% spike on Monday alone.
BCH is edging closer to a critical breakout level at $390.5. If BCH manages to close above this level, experts predict a potential 17% rally that could carry prices up to a resistance level at $459.2. Just like ALGO, the RSI and MACD indicators for BCH reflect robust bullish momentum.
What's Brewing in BCH's Network Activity?
While the charts are sizzling, BCH's network activity is creating quite the buzz. Data reveals that Bitcoin Cash's Daily Active Addresses hit a record high of 4.13 million3. This enormous jump in blockchain activity signals growing demand for BCH's network, which is a bullish indicator for future price strength.
With rising network activity, BCH has cemented its place among the Altcoins worth watching this week. The combination of strong on-chain metrics and a bullish BCH rally could pave the way for continued upward momentum, especially if the broader altcoin market continues to thrive.
Will the Bull Run Reach Double-Digit Levels?
With ALGO and BCH displaying technical breakouts and striking bullish indicators, both digital assets have caught the attention of investors. ALGO's falling wedge breakout and rising long-to-short ratio indicate growing market enthusiasm, while BCH's surging address activity and trendline break foretell sustained demand. As the altcoin heat wave gains momentum, these assets present compelling setups that both traders and investors shouldn't ignore. Whether you're chart watching or on-chain data scrutinizing, the signs point to ALGO and BCH possibly heading for another breakout.
- The 4% bull run for Bitcoin Cash (BCH) and Algorand (ALGO) suggests a sizzling comeback for altcoins, with each digital asset poised to sustain momentum.
- Analysts predict a potential 22% rally for ALGO, sending prices up to $0.27, as the token has broken out of a falling wedge pattern and technical indicators show robust bullish momentum.
- Traders are bullish about ALGO, with a higher number of long positions indicated by a long-to-short ratio of 1.07 at Coinglass.
- BCH has been on a steady climb after breaking its descending trendline on April 16 and could potentially rally 17% if it closes above the $390.5 level, according to experts.
- Bitcoin Cash's Daily Active Addresses hit a record high of 4.13 million, signaling growing demand for the network and enhancing its appeal to those watching the altcoin market this week.
- The combination of strong on-chain metrics and a bullish rally for BCH could pave the way for continued upward momentum, especially if the broader altcoin market continues to thrive.
- With ALGO and BCH displaying technical breakouts and striking bullish indicators, both assets present appealing setups for traders and investors, hinting at another potential breakout as the altcoin heat wave gains momentum.
