The cryptocurrency sector is fueled by competition and innovation. New competitors always fight for market share, and established players must continuously hold their ground. Two stories are drawing attention this week: Algotech (ALGT), which is trying to rank among the top 20 cryptocurrencies, and Polygon (MATIC) and Binance Coin (BNB), which are seeing quite different results. Let’s begin with Algotech (ALGT).
Algotech (ALGT): Riding on the wave of algorithmic trading
Algorithmic trading, or algo trading, uses automation and pre-defined parameters to execute trades. Compared to manual trading, it allows traders to enjoy speed, precision, and accuracy when executing trading strategies. Recognizing this trend and its inherent potential, Algotech (ALGT) has emerged as a DeFi project focused on building a comprehensive algorithmic trading ecosystem.
Algotech narrowed its focus to the cryptocurrency market and is building a decentralized algorithmic crypto trading platform. As if building on one trend wasn’t enough, Algotech decided to infuse AI and machine learning, two other trending technologies, into its automation system to distinguish its value proposition from existing algorithmic trading solutions.
ALGT’s proprietary algorithmic trading software provides traders with an extensive toolkit. These include advanced order types for better control over positions and risk, automated trade execution to minimize human error, social trading features that let users learn from profitable algo traders and possibly copy their strategies, and backtesting capabilities for honing strategies on historical data.
On-chain data shows that ALGT’s ongoing presale phase has attracted whales from different parts of the crypto market, possibly boosting the project’s confidence in reaching the top 20 cryptocurrencies after launch.
Polygon (MATIC) faces headwinds
MATIC has been experiencing unfavorable price actions for investors this past week. This week, it recorded a 6.25% drop, barely closing above the $1 mark after nearly closing below it. Currently, at $1.05 as of the time of this writing, investors don’t seem to be impressed with MATIC’s rally to stay above water. Data from Santiment shows that the total number of addresses conducting transactions on the network has dropped from an average of 408,000 to 314,000 over the past week.
According to Challengly, MATIC is expected to trade at an average of $1.03 for the month of March, touching $0.943 as its minimum price and $1.06 as its maximum price. However, MATIC is expected to hold its current support level, as a break below that could lead to a further price decline beyond the overall market sentiment.
BNB chain’s momentum propels BNB towards $600
Binance Coin (BNB), the native asset of the biggest cryptocurrency exchange globally by trading volume, has been sailing a strong bullish wave amidst the erratic movement of the crypto markets.
Investors are taking notice of this upward trajectory as BNB’s price surged by an astounding 13.7% and is now very close to $600, currently at $589 as of the time of writing. Market watchers are making a lot of predictions right now, speculating that this might just be the start of a new and historic all-time high (ATH) that could occur in the upcoming months.
BNB’s weekly charts tell a tale of tenacity. It has seen a resounding majority of bullish weeks since the year 2024 began; from February, it has experienced nothing but an ascent. In just one month, BNB’s price valuation has increased by more than 80%, from a low range of $300–$320 to a high range of $520–$590.
To learn more about Algotech, visit the Algotech presale website or join the Algotech community.
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.