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Cardano Ecosystem

Blockchain Reporter

05/28/2024

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Investors Shift from Cardano and Polygon Due to Volatility, Onchain Activity Shows Investment in This AI Crypto

Cryptocurrency markets saw much volatility that led investors to reconsider their strategies or find newer opportunities. In a field where a fortune can be made or lost in minutes, the on-chain data now...

Investors Shift from Cardano and Polygon Due to Volatility, Onchain Activity Shows Investment in This AI Crypto

Cryptocurrency markets saw much volatility that led investors to reconsider their strategies or find newer opportunities. In a field where a fortune can be made or lost in minutes, the on-chain data now reveals key migration from these major networks, Cardano and Polygon. 

At the same time, an emerging project aimed at using the potential of artificial intelligence and algorithmic trading solutions has captured the attention of investors looking for portfolio diversification and potential returns on the intersection of rising leading-edge technology and cryptocurrencies.

Market Sentiment Shift Impacts Cardano Price

One of the key players within the digital currency space, Cardano (ADA), has been under quite some heavy weather in the past few weeks. On-chain data suggests a worrying plot where more double transactions on a daily basis are leading to losses over profits. In the last month alone, Cardano’s value has dropped by close to 10%, raising concern over how it will hold going forward.

Some technicals suggest that the drop in Cardano price is associated with a change in market sentiment. Some of these indications include the Elder-Ray Index, which moves with some negative values gauging the strength between buyers and sellers. In this case, Cardano’s RSI trends lower, suggesting that more selling pressure is attributed to buying. While the Market Value/Realized Value (MVRV) ratio suggests a buying opportunity close to current levels, the future outlook is uncertain for Cardano.

Rising Accumulation and Whale Offloading Hits MATIC 

Polygon (MATIC) is also in a consolidation phase. Since accumulation continued to rise across the network, large whale addresses have been offloading massive Polygon tokens at a pessimistic pace to recover losses by expressing confidence.

 Wallets with $1 million to $10 million balances have dumped about $214 million worth of their Polygon (MATIC) holdings in just the last week. This move from influential market participants has now had a shadow over Polygon (MATIC) near-term price trajectory.

Now trading at $0.72, MATIC had been range-bound and incapable of moving beyond resistance just above $0.75 for over a month. While the possibility of another breakout still lingers, one more leg downward towards the lower limit of $0.64 might elongate the consolidation phase and, in return, make it that much harder for the altcoin to recover previous highs.

Algotech Gains Attention Amid Crypto Market Turbulence

Among the swirl of events cascading their way down the crypto markets, innovative investors have caught their eyes on Algotech a decentralized algorithmic crypto trading platform that has shot up in activity during its ongoing presale event. The project has already raised more than $5.8 million and is going to be revolutionary for not only trading and investment but also for AI and automation technologies. Algotech’s presale process is currently in the 4th and final bonus stage at $0.08 per token.

One of the strong selling points for Algotech remains the strategic $1.2 million investment into H100 GPUs to improve its AI engine on speed, accuracy, and capability. The company prides itself on the fact that with powers coming out of both advanced hardware and algorithms, it gives traders a cutting edge in contrasting crypto markets.

Instead of just enabling ordinary trading, Algotech endeavors to empower users with different algorithm strategies, robust technical infrastructure, and developed risk management tools. Using machine learning and AI algorithms, Algotech intends to carry out a diligent analysis of historical and real-time market data for the recognition of patterns, trends, and opportunities that can be acted upon.

Learn more:

Visit Algotech Presale

Join The Algotech Community

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