Algorand (ALGO) is making big advances today, continuing strong upward momentum after recovering about 15% last week. At the same time, Monero (XMR) is undergoing a correction following its recent breakout. In addition to Ethereum Classic, Bitcoin Cash (BCH) is undergoing a major recovery, reaching an all-time high yesterday. These movements reveal a tale of two cryptocurrency markets, as some altcoins catch a bullish wave, while others are sinking in bearish currents.
Despite this negative news, Algorand has proved its resilience, topping all significant gains and outshining the broader market in the last 24 hours. Our “Made in USA” altcoin is making big waves today! Right now, it’s trading 3% higher, clearing the $0.1909 resistance level that it hadn’t breached since June 9. This constructive development clearly indicates the increasing investor confidence in Algorand.
Algorand's Bullish Momentum
Algorand's technical indicators support the bullish outlook. The Moving Average Convergence Divergence (MACD) indicator is registering strong bullish momentum with green bars on its histogram. This increase is a good sign that trend momentum is building. If a daily close above the $0.1909 resistance level is achieved, the uptrend might continue to face the maximum June price at $0.2092.
Algorand has a difficult battle ahead as today closes with the market bearish. Such a situation would see the price decline to Friday’s bottom, at $0.1691. So investors need to watch these levels very closely over the next few weeks to assess the sustainability of this new uptrend. The ability of the crypto to hold onto its current position above these major resistance levels will be key in finding out where it moves in the near-term.
Algorand’s recent price discovery is a testament to its perseverance and increasing attractiveness in the crypto market. This positive momentum, combined with strong technical indicators, makes Algorand one of the most altcoins to watch.
Monero's Struggle for Gains
Unlike Algorand’s recent growth, Monero is battling to continue its newly found upward momentum. Following a 3.80% pump on Monday, Monero didn’t fare so well on Tuesday, turning down by 1%, unable to maintain its bullish momentum. The privacy-focused crypto confronts vigorous resistance from the region under the $322 ceiling, last tested June 18.
Monero requires a large push above $322 to stretch its appreciation to its June peak of $372. The cryptocurrency’s failure to overcome this resistance level suggests further headwinds in the near term. Market observers are keenly tracking to see if Monero can build enough of a head of steam to break through this resistance.
Monero’s mixed signals are a reminder of the volatility and divergent performance in the altcoin market. At the same time, contrary to some bullish predictions for cryptocurrencies, including Algorand, Monero is a long way from breaking through resistance.
Bitcoin Cash's Record High
Bitcoin Cash is yet another altcoin currently enjoying impressive gains. The MACD indicator has a series of bullish histogram bars for BCH. This shocking jump was a strong sign the altcoin is still riding super bullish momentum. Bitcoin Cash stretches its rally further to reach an all-time peak.
