Lately, everyone’s attention has been caught largely by major altcoins, Binance Coin (BNB) and Chainlink (LINK). At the same time, there is a new entrant, Algotech, which has been causing quite a stir among crypto traders due to its inventive algorithmic trading platform. It has also had an immense presale that is ongoing and has left many people excited.
An innovative approach to trading combined with cutting-edge technology is what makes Algotech different from others, this is a decentralized algorithmic crypto trading platform exciting the whole industry. The ongoing presale for Algotech has raised more than $6.4 million so far and is currently at a bonus stage. Analysts forecast that ALGT’s native token might hit $1 immediately after launch and has 1200x ROI potential for those who invested early enough.
Chainlink (LINK) Faces Selling Pressure from Top Holders
Chainlink (LINK) has dropped significantly by 14% on a weekly chart. The current price of LINK is $16.08, with a 24-hour trading volume of $249 million, which is down by 56.31%. With a market cap of $9.4 billion, it still remains one of the top cryptocurrencies, ranked #14 in CoinMarketCap ranking.
The negative attitude towards Chainlink can be attributed to the fact that there are reports indicating whales are reducing their exposure levels to this token. According to Santiment’s data, the amount of USD value held by Chainlink’s top 10 non-exchange whales has decreased from $550.56 million on June 4, 2023, to $464.65 million, which indicates some potential sell-off among large LINK holders, thereby leading into more downward pressure on its prices.
Despite the real-world assets (RWA) narrative driving up Chainlink’s popularity, there have been concerns about the lack of actual demand for the currency outside speculation. Traders who buy LINK are essentially gambling on the hope that someone else will purchase it at a higher price, highlighting the inherent risk associated with such investments.
BNB Futures Open Interest Hits Three-Year High at $1.12B
Binance Coin (BNB) has been performing well recently after breaking above its horizontal line’s upper channel on June 4 and hitting an all-time high price level of $720 two days later. Nevertheless, profit-taking by coin holders caused the price to drop, with BNB now trading at around $680.
However, in spite of the selling pressure, bulls seem ready to defend the $632 breakout point as a support area for the altcoin, where they have been seen buying dips multiple times before. From the Relative Strength Index (RSI) through the Money Flow Index (MFI) up to the Directional Movement Index (DMI), various indicators show more buying power still exists compared to selling one, meaning there might still be bullish days ahead for BNB’s direction.
Additionally, the Futures open interest for BNB reached a three-year high at $1.12 billion on June 7. According to the data, the level of market activity has increased due to participants taking new positions. Those who are willing to enter the market afterward should go long because starting from May 21, the Funding Rate has been positive, and this indicates increased demand for such long positions, which will only serve to strengthen the “bullish” sentiment around BNB.
Investors Rush to Join ALGT Presale – Final Opportunity
Algotech’s dedication to innovation goes further than its algorithmic trading platform. The platform has spent $1.2 million on H100 GPUs to speed up its AI engine while also making it more accurate and capable. This investment shows that Algotech is committed to providing cutting-edge technology.
What sets Algotech apart is the wide array of algorithm strategies it offers that are designed for different types of traders. Whether traders prefer momentum trading over mean reversion or breakout trading against arbitrage opportunities, this platform has all the necessary tools to respond effectively under various market conditions.
In addition, Algotech announced a massive $250k giveaway, in which 10 people will each win $25,000 worth of ALGT tokens. To be eligible, one must participate in at least $100 during the Algotech presale. This giveaway serves not only as a chance for investors to get rich quick but also creates excitement and engagement within the Algotech community itself.
Understanding its increasing fame, Algotech has charted a bold plan to enhance user satisfaction and more. In particular, the platform aims to add more asset options on the platform, bring in superior trading tools and analytics, and cultivate active trading circles for different assets.
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