The overall crypto market has experienced significant volatility in the last year, with major ups and downs affecting investor confidence. A crypto guru, known for accurately predicting Bitcoin (BTC)’s recent recovery, is now shifting his focus to a new AI-driven cryptocurrency Algotech (ALGT).
He believes this innovative digital asset has the potential to challenge Cardano (ADA), one of the major players in the market.
In this article, we will discuss the potential of this emerging AI cryptocurrency and its implications for the future of the market.
Bitcoin wallet addresses decline amid market volatility but indicate potential rebound
The number of Bitcoin (BTC) wallet addresses holding Bitcoin (BTC) has been decreasing over the past month, according to data from onchain analytics firm Santiment. While this may initially seem concerning, Santiment suggests that it could actually be good news for investors.
On July 18, Santiment reported that the number of Bitcoin (BTC) addresses with a balance greater than zero has dropped by 672,510 over the past month.
Despite a recent recovery that pushed Bitcoin (BTC) back above $65,000, the chart has yet to demonstrate a significant rebound.
“When we see mass liquidations like this, the probability of a continued rebound only increases,” the firm wrote. The ongoing decline in Bitcoin (BTC) wallet addresses holding Bitcoin (BTC) could set the stage for such a rebound in the future.
Decline in percentage of Bitcoin supply in profit
Meanwhile, there has also been a decline in the percentage of Bitcoin (BTC) supply in profit, currently standing at 89.43% according to Glassnode data.
While this might appear discouraging, other metrics paint a more bullish picture.
Cardano (ADA) price action and Potential breakout
In the past few days, Cardano (ADA) gained momentum, moving above the $0.40 resistance zone. Cardano (ADA) climbed above the $0.420 and $0.425 resistance levels, similar to Bitcoin (BTC) and Ethereum. It even cleared the $0.450 resistance and tested $0.465.
A high was formed at $0.468 before the price started correcting gains. There was a move below the $0.445 and $0.440 support levels, and a break below a key bullish trend line with support at $0.440 on the hourly chart of the Cardano (ADA)/USD pair.
Cardano (ADA) low was formed at $0.4359, and the price is now stuck in a range. Cardano (ADA) is currently trading above $0.432 and the 100-hourly simple moving average.
If there is another upward move, the price of Cardano (ADA) might face resistance near the $0.4465 zone and the 50% Fibonacci retracement level of the downward move from the $0.4568 swing high to the $0.4359 low.
Crypto guru predicts Algotech (ALGT) to challenge Cardano (ADA)
Meanwhile, a crypto guru who accurately predicted Bitcoin (BTC)’s recovery is now betting on a new AI-driven cryptocurrency, Algotech (ALGT), to challenge Cardano (ADA).
Investors are closely watching Algotech, which has raised nearly $10 million in its presale, reflecting strong investor confidence. Projections suggest ALGT could reach $1 shortly after its official launch.
Algotech is capitalizing on the rapidly growing algorithmic trading industry. Algorithmic trading, or algo trading, uses computer programs and predefined rules to automate trading decisions, eliminating human inconsistencies and biases.
Algotech offers a decentralized algorithmic trading platform, providing transparency and accessibility through blockchain technology. Traders can utilize various algorithms, automated strategies, and risk management tools tailored to their risk tolerance.
With Algotech, traders can backtest strategies on historical data before deploying them live. Once a strategy is selected, Algotech’s advanced algorithms execute trades automatically based on predefined rules, making high profitability accessible to a broader audience.
For more details about Algotech:
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