Algorand (ALGO) and Bitcoin Cash (BCH) Prices Stabilize Around Key Levels

Cryptocurrency prices stabilized around key levels on Tuesday, following a rally of over 4% the previous day. On-chain data showed a positive bias, as Algorand’s bullish bets are increasing, while Bitcoin Cash’s daily active addresses reached a new all-time high. The technical outlook suggested a rally ahead, targeting double-digit gains.

On-chain data showed that bullish bets on Algorand (ALGO) are getting stronger. As the long-to-short ratio, a measure of market sentiment, crossed above one on Tuesday, it indicates that more traders are placing bets on the asset price to rise further.

According to data from Coinglass, the ALGO long-to-short ratio stood at 1.07 at the time of writing, the highest level in over a month.

Moreover, the Relative Strength Index (RSI) on the daily chart was trading at 64, above its neutral level of 50, indicating bullish momentum.

Additionally, the Moving Average Convergence Divergence (MACD) indicator displayed a bullish crossover, providing buy signals and suggesting a continuation of the upward trend.

ALGO price could rise further above falling wedge pattern

The ALGO price broke above the falling wedge pattern (drawn by connecting multiple highs and lows with two trendlines since early December) on Monday. The breakout of this pattern generally favors the bulls.

At the time of writing, ALGO was trading at the $0.22 level, supported by the daily level of $0.21.

If the price continues its upward momentum and breaks above the next weekly resistance at $0.27, it could extend the rally by 22% from its current level.

If Bitcoin Cash (BCH) manages to rally and close above the $390.5 level on a daily basis, it could extend the rally by 17% from that level to retest its next resistance level at $459.20.

The RSI on the daily chart was trading at 61, above its neutral level of 50, indicating bullish momentum.

Like ALGO, the MACD indicator also displayed a bullish crossover, providing buy signals and indicating a potential continuation of the upward trend.

BCH could extend 17% rally if it closes above $390

Bitcoin Cash price broke and then retested the descending trendline on April 16, rallying 15.41% in the next eight days. It rose 5.38% on Monday after a slight decline during the weekend.

At the time of writing, BCH was trading at the $368 level.

According to Santiment, an on-chain analysis firm, its Daily Active Addresses index, which helps track network activity over time, aligns with the bullish outlook noted from a technical perspective. A rise in the metric indicates increased blockchain usage while declining addresses suggest lower demand for the network.

In BCH’s case, Daily Active Addresses reached a new all-time high of 4.13 million on Tuesday. This rise indicates that demand for BCH’s blockchain usage is increasing, which could propel a rally in Bitcoin Cash’s price.