The cryptocurrency market experienced a lot of volatility, which led to investors rethinking their strategies and looking for better opportunities. The on-chain information now shows that the major networks Cardano or Polygon are migrating their key users. This is a field in which fortunes can easily be gained and lost.
Investors looking to diversify their portfolios and earn potential returns from the convergence of emerging technology and cryptocurrency have been attracted by a new project that aims to use the power of algorithmic trading and artificial intelligence.
Cardano prices are affected by changes in sentiment.
Cardano (ADA), one of the major players in digital currency, has faced some serious challenges over the last few weeks. The data on the chain shows a disturbing plot, whereby more daily double transactions lead to a loss of profits. Cardano’s value dropped close to 10% over the course of just one month. This raises concern about its future.
Technical indicators suggest the decline in Cardano’s price may be linked to a shift in sentiment in the market. The Elder-Ray Index is one of the indicators that can be used to gauge the market sentiment. It moves in negative numbers, indicating the level of strength between sellers and buyers. Cardano RSI tends to trend lower here, indicating that the buying pressure has increased. The Market Value/Realized Valuation (MVRV), ratio indicates a good buying opportunity at current levels. However, Cardano’s future is still uncertain.
MATIC Hit by Rising Accumulations and Whale Offloading
Polygon is currently in the consolidation phase. In order to recover the losses, and to express confidence in the market, whale addresses continue to sell massive amounts of Polygon tokens.
Just in the last seven days, Wallets holding Polygons (MATICs) with balances ranging from $1,000,000 to $10,000,000 have sold $214,000,000 of these investments. In the last week, this move from market players has had an impact on Polygon’s near-term trajectory.
MATIC, now trading at $0.72 has been stuck in a range and unable to move beyond the resistance above $0.75. This had been going on for more than a month. The possibility of a second breakout remains, but if the price continues to fall towards the $0.64 lower limit, it could extend the phase of consolidation and make the altcoin that much more difficult to reach its previous highs.
Algotech attracted attention amid crypto market turmoil
Investors have been able to catch their attention among the whirlwind of crypto market events. Algotech A decentralized algorithmic trading platform for crypto has seen a surge in popularity during the current presale. This project, which has raised over $5.8million already, will revolutionize not just trading and investing but also AI and automation. Algotech’s presale is now in the final stage of bonus at $0.08 for each token.
Algotech is known for its strategic investment of $1.2M into H100 graphics cards to enhance the AI engine’s speed, accuracy, capability, and performance. Algotech prides itself in the power of advanced algorithms as well as hardware. This gives it a competitive edge on contrasting crypto markets.
Algotech aims to offer users more than simple trading. They want them empowered with risk management, technical infrastructure that is robust, and different algorithms. Algotech plans to use AI and machine learning algorithms for a thorough analysis of real-time and historical market data. This will allow them to recognize patterns and trends that they can act upon.
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Source: blockchainreporter.net