Altcoins, often seen as the underdogs of the cryptocurrency realm, are making headlines again as they appear poised for another surge after a weekend lull. This week, two altcoins have particularly captured the spotlight with their significant upward trends: Algorand (ALGO) and Bitcoin Cash (BCH). Each has recorded a commendable 4% gain since the week’s start, stabilizing at important price levels. Technical patterns and robust on-chain data suggest that the momentum of both coins is far from over, sparking renewed interest among investors shifting focus from large-cap coins to mid-tier challengers.
Algorand Holds Steady With Bullish Signs Ahead
After an extended period of lackluster performance, Algorand seems to be regaining its footing. Recent forecasts indicate that ALGO may have significant room for growth. The altcoin has recently broken out of a falling wedge pattern—one often indicative of a bullish reversal trend. Following this breakout early in the week, ALGO is trading around the $0.22 mark, setting itself up for potential gains.
The next crucial support level for ALGO is found near $0.21. If this level holds, traders anticipate a possible 22% climb, potentially pushing the price towards a retest of the weekly resistance zone at $0.27. On-chain metrics are echoing this bullish sentiment, further establishing ALGO as a strong candidate to watch. Technical indicators also align favorably; the Relative Strength Index (RSI) stands at 64, well above the neutral line of 50, signifying increasing buying strength. Additionally, the Moving Average Convergence Divergence (MACD) has indicated a bullish crossover, suggesting a continued upward trend.
What Does the Long-to-Short Ratio Say About ALGO Sentiment?
The current trader sentiment surrounding ALGO is notably optimistic. According to Coinglass, the long-to-short ratio for ALGO has surged to 1.07, marking its highest point in over a month. A long-to-short ratio exceeding 1 implies a greater number of traders are betting long rather than short, reinforcing the prevailing bullish momentum. This uptick in long positions suggests a market consensus aligning with Algorand’s bullish outlook. As long as buying pressure exceeds selling pressure, analysts expect continued upward movement from ALGO in the forthcoming period.
Chart 1 – ALGO/USDT Live Price, published on Trading View, April 29, 2025.
Will Bitcoin Cash Sustain Its Rally? Why BCH Is Heating Up
For those tracking Bitcoin Cash, the excitement is palpable. BCH has exhibited robust technical indicators coupled with favorable on-chain signals. After breaking above a descending trendline on April 16 and confirming this breakout, BCH has enjoyed a steady climb. Over the past eight days alone, the asset has appreciated by over 15%, with a notable 5.3% spike observed on Monday.
Currently trading around $368, Bitcoin Cash is eyeing a crucial breakout level at $390.5. If BCH can close above this threshold on the daily chart, analysts are predicting a potential 17% rally that could see prices surge toward the subsequent resistance at $459.20. Much like ALGO, BCH’s RSI is above 60, underscoring a solid bullish momentum. The MACD indicator also confirms this positive trend with a bullish crossover, suggesting buyers remain firmly in control.
Chart 2 – BCH/USDT Live Price, published on Trading View, April 29, 2025.
Is BCH’s Network Activity Signaling a Breakout?
Alongside its technical achievements, Bitcoin Cash’s on-chain activity is turning heads. Data from Santiment reveals that Daily Active Addresses for BCH have reached an all-time high of 4.13 million. This surge in blockchain activity points to rising demand for BCH’s network, serving as a bullish signal for future price resilience.
Heightened network usage often foreshadows renewed investor interest and long-term sustainability. With such significant activity levels, BCH has established itself as a leading altcoin to monitor this week. The combination of robust network metrics and a solid BCH rally setup may provide fertile ground for further upward price movements, especially if the wider altcoin market maintains its momentum.
Are ALGO and BCH Ready for Double-Digit Gains?
With both ALGO and BCH demonstrating notable technical breakouts and strong bullish indicators, they are pivotal altcoins to observe in the near term. ALGO’s breakout from a falling wedge and the rising long-to-short ratio highlight increasing market confidence. Similarly, BCH’s surging network activity and successful trendline break suggest sustained demand. As enthusiasm builds within the altcoin space, these assets present enticing setups that traders and investors should keep on their radar. The signals point toward the possibility of yet another breakout for both ALGO and BCH.
