BCH, ALGO and XMR lead the bounce back: Will the upward trend be maintained?

Altcoins ‘Made in USA’ like Bitcoin Cash (BCH) and Algorand (ALGO) have surged strongly in Monday's trading session, with gains significantly outperforming the entire market over the past 24 hours. At the same time, Monero (XMR) – the cryptocurrency known for its privacy features – continues to maintain its upward momentum after an impressive bounce back last week, igniting hopes for a new bullish cycle in the near future.

Bitcoin Cash approaches a key resistance level

Bitcoin Cash (BCH) – an altcoin originating from the US and a prominent hard fork of Bitcoin – has recorded an increase of over 2% at the time of writing on Tuesday, after starting the week with a relatively sluggish performance. Notably, BCH has surpassed the important psychological threshold of $500, setting a new peak for the year.

Currently, the price is testing the $523 level – coinciding with the 78.6% Fibonacci level, determined from the 52-week high at $640 down to the low of $249. Furthermore, this resistance zone becomes increasingly significant as it aligns with the descending trendline connecting the peaks from May 8 and June 19.

If the price can close above this resistance zone, BCH is likely to extend its bullish momentum towards the $640 mark – the highest peak in the past year.

Technical indicators are also supporting the bullish trend: MACD shows that the positive histogram bars are widening, reflecting strong bullish momentum. Additionally, the RSI has climbed to 67 – close to the overbought threshold, implying that buying pressure is rising.

However, if it cannot break through the current resistance level, BCH may face adjustment pressure, with the nearest support zone around $446 – corresponding to the 61.8% Fibonacci level.

Algorand aims to bounce back to the $0.20 mark

Algorand (ALGO) continues to record a strong bounce back, raising the total increase to over 15% compared to last week. As of now, ALGO is up an additional 3% on the day, officially surpassing the important resistance level at $0.1909 – a price point that was previously rejected on June 9.

If ALGO maintains a daily closing above this level, the bullish trend is likely to be reinforced, with the next target aimed at the June peak at $0.2092.

Technical signals are supporting a bullish trend: the MACD indicator shows green histogram bars continuing to expand, reflecting an increase in positive momentum. Meanwhile, the RSI has crossed above the average and reached a level of 56, indicating that buying pressure is increasing.

However, if the selling pressure dominates towards the end of the session and pushes the price down, ALGO may return to test the nearest support zone at $0.1691 – the bottom established during last Friday's session.

Monero aims to break the resistance level of $322

Monero (XMR) adjusted slightly by 1% in Tuesday's trading session, after a strong increase of 3.8% the day before, indicating that the recovery momentum is slowing down after an impressive series of gains. The recent bullish momentum of XMR stems from breaking above the falling wedge ( – a technical signal that often indicates a trend reversal, clearly confirmed on the daily chart.

However, the bullish trend is encountering significant resistance around the resistance level of $322 – an area that was previously rejected on June 18th. If XMR can decisively break above this level, the potential to extend the rally to the June peak at $372 will be reinforced.

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Technically, the MACD indicator signaled a buy on Sunday, when the MACD line crossed above the signal line – a sign often accompanied by increased buying pressure. Meanwhile, the RSI has also surpassed the neutral threshold of 50, indicating that buying pressure is slightly dominant.

However, if selling pressure resurfaces at this strong supply zone, XMR may reverse and adjust to test the nearest bottom on June 22 around the level of $288.